Banorte Ready for FO

Banorte Ready for FO

Mexico Equity

Mexico’s Banorte is scheduled to price an equity follow-on today, raising more than MXP29bn ($2.29bn) in much needed capital. The bank is selling 403m primary shares, assuming a 15% greenshoe is used, which would raise MXP29.15bn at Monday’s MXP72.34 closing price. The transaction has been challenged to raise its initially targeted $3bn amount by the bank’s shares falling 11.3% since the MXP81.55 close immediately prior to the June 12 announcement of the transaction. This fall comes versus a 1.1

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