Banorte set to price Swissie return

Mexico, Switzerland, LatAm
By Oliver West
20 Aug 2019

Mexican lender Banco Mercantil del Norte (Banorte) is looking to sell its third Swiss franc bond, breaking a two-week hiatus in cross-border issuance from Latin American borrowers.

A3/BBB+/BBB rated Banorte set initial price thoughts of 135bp-145bp over mid-swaps for a proposed 4.25 year senior unsecured transaction that matures in December 2023.

Credit Suisse, sole bookrunner, later refined this to 135bp-140bp. The deal, which has an indicative coupon of 0.50%, is expected to price on Tuesday.
Banorte ...

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