Published on 9/30/2016 in the Prospect News Emerging Markets Daily.
New Issue: Banorte prices $500 million 5¾% notes due 2031 at 98.14
By Christine Van Dusen
Atlanta, Sept. 30 – Mexico’s Banco Mercantil del Norte SA (Banorte) priced $500 million 5¾% notes due Oct. 4, 2031 (expected ratings: Ba1/BB+) at 98.14 to yield Treasuries plus 444.7 basis points, a market source said.
BofA Merrill Lynch, JPMorgan and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.
Banorte is a lender based in Monterrey, Mexico.
| Issuer: | Banco Mercantil del Norte SA (Banorte)
|
| Amount: | $500 million
|
| Maturity: | Oct. 4, 2031
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, JPMorgan, Morgan Stanley
|
| Coupon: | 5¾%
|
| Price: | 98.14
|
| Spread: | Treasuries plus 444.7 bps
|
| Call option: | Callable from Oct. 4, 2026
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 4
|
| Expected ratings: | Moody's: Ba1
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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