HSBC misses another bond payment in Mexico

HSBC misses another bond payment in Mexico

Credit Ratings Bonds Debt Funds Mexico Capital Markets

The Mexican branch of British bank HSBC has missed another interest payment on a mortgage-backed bond in the local market, according to Banco Invex. HSBC México faced a payment for MXN24.9 million ($1.25 million), but the bond's underlying mortgages have performed poorly with high levels of prepayment, making it difficult to generate enough cash to cover the debt obligations, a spokesperson at the bank said on Wednesday. "The bonds are paid exclusively with resources from the trust's assets... s

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