Bancomer notches lowest coupon from Lat Am bank

Mexico City, night time, lights, city, LatAm 575
By Oliver West
16 Sep 2020

BBVA’s Mexican subsidiary, Bancomer, on Tuesday provided one of the clearest examples yet of the attractiveness of international bond markets for Latin American borrowers as it notched the lowest ever coupon on a dollar deal from a bank from the region.

Leads Bank of America, BBVA, BNP Paribas and Morgan Stanley set initial price thoughts at 220bp over US Treasuries for Baa1/BBB rated BBVA Bancomer’s proposed five year senior unsecured bond, which was set fixed at $500m. 

Books reached $3.2bn, which allowed Bancomer to offer guidance ...

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