Banorte notches negative NIP in Swissies

Banorte, Mexico, Swiss francs, Monterrey, bank, lender, LatAm
By Oliver West
11 Feb 2020

Mexico’s second largest lender Banco Mercantil del Norte (Banorte) returned to the Swiss franc market for the fourth time in under two years on Monday.

Sole bookrunner Credit Suisse set initial price thoughts at 110bp-120bp over mid-swaps for a proposed 4.75 year note of at least Sfr150m ($153m). This included an indicative coupon of 0.5%.

Banorte was to tighten pricing on its A3/BBB+/BBB- rated deal to 108bp over mid-swaps, increasing the size to ...

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