SanMex Upsizes T2 First

SanMex Upsizes T2 First

Mexico Bonds Structured Finance

Santander Mexico has raised $1.3bn from the sale of LatAm’s first Basel III-compliant Tier 2 bond, upsizing from a planned $1bn. The non-convertible 2023 NC5 subordinated note was seen offering at least a 200bp pickup to where Santander Mexico would price a new senior bond. Starting with mid-6% indications Tuesday, the book steadily grew overnight from $550m to $1.0bn with interest from London-based and private Swiss accounts. Final demand was more than $3bn, and 20 minutes before the US Fed’s t

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