Banco Mercantil del Norte — Banorte

  • 05 Oct 2006
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Rating: Baa1

Tranche 1: $400m subordinated debt

Maturity: 13 October 2016

Issue price: 100.00

Coupon: 6.135%

Call option: at undisclosed price on 13 October 2011

Tranche 2: $200m subordinated debt

Maturity: 13 October 2021

Issue price: 100.00

Coupon: 6.862%

Call option: at undisclosed price on 13 October 2016

Launch date: Thursday 5 October

Payment date: 13 October

Joint books: Credit Suisse, Morgan Stanley, UBS

Bookrunner's comment:

Credit Suisse — This deal went extremely well. Banorte conducted a two team roadshow, and I expect the hit rate to be very high. We had a showing of emerging market players as well as investment grade participation, and great demand for both tranches.

We were able to increase the two tranches to $200m and $400m and price at the figure both, at 160bp and 225bp. The final book size was around $400m for the tier one trade and $600m for the tier two tranche.

Banorte is a good and well respected bank in Mexico. It is the largest independent bank in that country and the fifth largest overall.

US demand for capital securities generally is very strong at the moment. People like going down the capital structure of high quality issuers to get a higher yield.

The two tranches have also been well bid in the aftermarket, and both have traded tighter, with the tier one deal quoted at around 220bp/215bp and the tier two tranche at 155bp/150bp.

  • 05 Oct 2006

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%