August 8, 2016 / 5:31 PM / 2 years ago

Mexico launches US$2.76bn two-part bond

NEW YORK, Aug 8 (IFR) - Mexico launched a US$2.76bn two-part bond sale on Monday after generating a book of close to US$9bn, one of the lead banks told IFR.

The sovereign set a final spread of US Treasuries plus 205bp on a US$2bn 30-year, at the tight end of 210bp area guidance and inside initial price thoughts of 225bp area.

It also launched a US$760m tap of its January 2026 bond at T+145bp, also at the tight end of guidance of T+150bp area and inside IPTs of T+165bp area.

Proceeds are going to buy back up to all of Mexico’s roughly US$2.67bn of outstanding 5.625% 2017s.

Joint bookrunners BBVA, Bank of America Merrill Lynch and Credit Suisse are expected to price the bonds later on Monday. Expected ratings are A3/BBB+/BBB+ (Reporting by Paul Kilby; Editing by Marc Carnegie)

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