Banorte Clinches Follow-on

Banorte Clinches Follow-on

Mexico Equity

Mexico’s Banorte has set a price for an equity follow-on that should raise at least $2.2bn, coming at a 0.1% discount and heard getting multiple times demand. The bank priced at MXP71.50 per share, according to people following the sale, indicating a MXP28.78bn ($2.28bn) size based on a 350m share base deal and 15% greenshoe. The level compares to Tuesday’s MXP72.21 closing price. The shares had dropped 13.0% this year through Tuesday and 11.5% since the deal’s June 12 official announcement, whi

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