Mexico prices $2 billion 4¾% notes; Doha Bank to concede to Qatar National's 2017 notes

By Paul A. Harris

Portland, Ore., March 5 - Mexico's secretary of finance and public credit said the country's federal government placed $2 billion of global bonds due 2044, according to a news release.

The yield to maturity will be 4.84%. The coupon on the bonds is 4¾%, which the secretary said is the lowest coupon obtained by a Latin American issuer for a 30-year placement.

Demand for the bonds exceeded $6.7 billion, or 3.4 times the issued amount, with more than 280 institutional investors participating in the United States, Asia, Europe, South America and Mexico.

According to the motion, the transaction allows the Mexican government to take advantage of the access to financing in the international capital markets in favorable conditions, strengthening the structure of public debt.

Doha Bank concession

The Qatar sovereign curve was slightly wider during the Monday session in Europe, according to a trader there.

There was some selling of the recently minted Qatar National Bank SAQ 3 3/8% notes due 2017 (Aa3/A+/A+), the trader added.

The $1 billion of 3 3/8% five-year notes priced at 235 basis points over mid-swaps, at an issue price of 99.631 to yield 3.456%.

Some investors who sold Qatar may have been making room for the new dollar-denominated deal from Doha Bank, which is expected to come at a concession to Qatar National Bank.

© 2015 Prospect News.
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