By Cristal Cody
Chicago, Jan. 16 – BBVA Mexico, SA sold $900 million of 8 1/8% tier 2 subordinated preferred notes due 2039 (Baa3//BB), according to information from a source and a regulatory filing.
The reset spread is 421.4 basis points.
Price talk started in the 8¼% area.
The notes become callable after 10 years.
BBVA, Goldman Sachs, HSBC and Morgan Stanley were listed as bookrunners.
The proceeds will be used to manage regulatory capital ratios and for general corporate purposes, according to Fitch Ratings.
BBVA offers financial services in Mexico.
| Issuer: | BBVA Mexico, SA
|
| Amount: | $900 million
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| Issue: | Tier 2 subordinated preferred notes
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| Maturity: | Jan. 8, 2039
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| Bookrunners: | BBVA, Goldman Sachs, HSBC and Morgan Stanley
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| Coupon: | 8 1/8%; reset spread of 421.4 bps
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| Call features: | 10 years of call protection
|
| Trade date: | Jan. 3
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BB
|
| Price talk: | 8¼% area
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