Bancomer patience pays off with record coupon

Mexico, BBVA, Bancomer, Mexico City, skyscrape, Paseo Reforma, 575, LatAm
By Oliver West
17 Sep 2020

BBVA’s Mexican subsidiary made an opportunistic return to the international markets on Tuesday, raising dollar funding at a record low cost ahead of a bond maturing next March.

After holding investor calls on Monday, 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 fixed at $500m, no-grow.

Books reached $3.2bn, ...

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