May 16, 2012
Mexican lender Banorte is looking to sell MXP3.2bn ($232m) in 10-year NC5 T
Mexican lender Banorte is looking to sell MXP3.2bn ($232m) in 10-year NC5 Tier 2 subordinated bonds in the local market, according to a person familiar with the deal. The issuance is expected to take place in June, with proceeds to be used to fund working capital. The bonds would be the fifth issuance under a MXP15bn program, and will pay a spread to the TIIE benchmark. Ixe is leading the deal, rated AAA on a national scale.