Nafinsa taps 10s, adds threes

Nafinsa taps 10s, adds threes

Bonds

Mexico's Nacional Financiera (Nafinsa) reopened a 10-year fixed rate bond and also priced a new three-year floating rate note on Wednesday. The three year was in particularly strong demand, drawing a book that was close to six-times subscribed. Nafinsa, rated triple-A on a local scale by Standard & Poor’s and HR, sold the MXN2bn ($155m) 2017 at 5bp below the TIIE. Meanwhile, the borrower added MXN4bn to the 2024. The tap was nearly twice subscribed, and was priced at 6.41%, or 45bp over Mbonos.

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