June 23, 2020
British bank raises $312 mln in a two-part deal with three- and 10-year notes
HSBC said it raised MXN7 billion ($312 million) from a two-part bond sale in Mexico, the first such deal by an international bank in the local market since the start of the coronavirus outbreak.
HSBC sold MXN1 billion in three-year notes at 50 basis points over the TIIE interbank lending rate and also placed MXN6 billion in 10-year notes at a fixed rate of 7.85% per year. Demand for the 2023 notes reached 3.18 times the amount on offer, while orders for the 2030s were 1.87 times the supply, the bank said in a press release on Friday.
The bank added that it will use the proceeds for general corporate purposes.
Moody's gave the new notes a rating of Aaa.mx on the local scale, while Fitch Ratings assigned them a AAA (Mex), according to HSBC.