BBVA Bancomer Hybrids to Price Today

BBVA Bancomer Hybrids to Price Today

Mexico Structured Finance

Mexico's BBVA Bancomer has put out price guidance on its $1.1bn in hybrid securities, which it expects to price today, Thursday. For $500m worth of non-cumulative subordinated and non-preferred 15 non-call 10 Tier I notes (A1/BBB+), due 2022, guidance is at 140bp over Treasuries. For the €500m or more in cumulative fixed-to-floating rate subordinated preferred, 10 non-call 5 Tier II notes, due 2017, talk is at mid-swaps plus 45bp. The Tier I notes are and callable in 2017 and thereafter. In

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