By Reshmi Basu
New York, Oct. 5 - Banco Mercantil del Norte (Banorte) sold a two-part tranche offering of $600 million in bonds, according to a market source.
The first tranche was made up of $400 million of 10-year bonds, which priced at par to yield 6.135%.
The second part included $200 million of 15-year bonds, which priced at par to yield 6.862%.
Credit Suisse was the lead manager for the transaction.
The issuer is a Mexico City-based bank.
Issuer: Banco Mercantil del Norte (Banorte)
Issue: Bonds
Total amount: $600 million
Pricing date: Oct. 5
Lead manager: Credit Suisse
Ratings: Moody's: Baa2
10-year tranche
| Amount: | $400 million
|
| Issue: | Bonds
|
| Maturity: | Oct. 13, 2016
|
| Coupon: | 6.135%
|
| Issue price: | Par
|
| Yield: | 6.135%
|
| Spread: | 160 bps more than Treasuries
|
| Call option: | Non-callable for five years; if not called, coupon steps up to Libor plus 210.75 bps
|
|
|
| 15-year tranche
|
| Amount: | $200 million
|
| Issue: | Bonds
|
| Maturity: | Feb. 2, 2021
|
| Coupon: | 6.862%
|
| Issue price: | Par
|
| Yield: | 6.862%
|
| Spread: | 225 bps more than Treasuries
|
| Call option: | Non-callable for 10 years; if not called, coupon steps up to Libor plus 271.25 bps
|
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