Banorte wins blow-out on AT1 debut

Jose Cuervo
By Oliver West
29 Jun 2017

Some syndicate bankers saw Banorte’s debut additional tier one (AT1) bond as tight to comps, but investors piled into the deal on Thursday claiming that the Mexican lender was offering greater value than Banco do Brasil’s bond with a similar structure.

Mexico’s third largest lender had been on the road at the start of the week and announced initial price thoughts of mid-7% for a perpetual non-call five note and 8.25% for a perpetual non-call 10 on Wednesday, targeting Thursday for pricing.

Investors placed some $2.25bn of orders for the ...

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