Banorte misses target in local bond sale

Banorte misses target in local bond sale

Bonds Funds Mexico Capital Markets

Mexico's Banorte raised MXN9.8 billion ($550 million) in a three-part bond sale in the local market, short of the initial target of MXN13.8 billion, it said in a securities filing. The Monterrey-based lender priced MXN5.27 billion in three-year notes at the TIIE interbank lending rate plus 0.3% as well as MXN2.38 billion in seven-year notes at a fixed rate of 9.41% and MXN2.14 billion in 10-year notes at 4.68%, it said in the filing on Tuesday. Banorte had been expected to raise up to MXN13.8 bi

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