September 26, 2012
Mexico’s Instituto Fonacot is heard looking to pay TIIE+50bp-area for a MXP
Mexico’s Instituto Fonacot is heard looking to pay TIIE+50bp-area for a MXP1bn ($78m) second reopening of its 2014 domestic bonds. The sale is scheduled for Thursday. A 15% greenshoe is possible. The Mexican state-run lender priced the original MXP1.67bn 3-year bonds at TIIE+65bp in December 2011, and in March emerged for another MXP1.15bn at the same spread. Scotia and BBVA Bancomer are managing the transaction, rated AAA on a local scale.