Mexico's BBVA sets guidance for euro-, dollar-denominated notes

By Reshmi Basu

New York, May 9 - BBVA Bancomer SA set price guidance for its two-part offering of euro-denominated and dollar-denominated notes, according to a market source.

Guidance for the tranche of euro-denominated 10-year tier II notes (A1//BBB+) has been set at mid-swaps plus 45 basis points. The preferred, cumulative notes will be non-callable for five years. If the notes are not called, the fixed-rate coupon changes to floating rate and the coupon steps up by 100 bps.

Meanwhile the $500 million tranche of 15-year tier 1 notes (A1//BBB+) has been talked at Treasuries plus 140 bps. The non-preferred, non-cumulative notes will be non-callable for 10 years. If the notes are not called, the fixed-rate coupon changes to a floating rate and the coupon steps up by 100 bps.

Proceeds will be used for general corporate purposes.

Credit Suisse, Deutsche Bank and BBVA are joint lead managers for the Rule 144A and Regulation S deal, which will be issued via the bank's Grand Cayman Islands branch.

BBVA is Mexico City-based bank.

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