Two LatAm banks raise Swiss francs

Two LatAm banks raise Swiss francs

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Mexico Chile Europe

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

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