March 15, 2019 |
Two banks in Latin America — Banorte and Santander Chile — sold bonds in Swiss francs this week and together raised CHF400m ($398m).
Mexico's Banorte came to Switzerland with CHF250m in 3.5-year notes, led by Credit Suisse. The bookrunner priced the 1.55% bonds at 100.087% to yield 1.525%, equal to a spread of roughly 200bp over mid-swaps.
Moody's assigned an A3 rating with a stable outlook to the senior unsecured notes, saying Banorte has increased earnings since it acquired the local lender
Mexico's Banorte gets $250m from 3.5-year notes, while Santander Chile goes for $150m in 5.5-year notes