New Issue: Mexico's BBVA sells $500 million 10-year subordinated notes to yield 5.3795%

By Reshmi Basu

New York, July 21- Mexico's BBVA Bancomer SA, in conjunction with Grupo Financiero BBVA (Grand Cayman), sold $500 million of 10-year non-cumulative fixed-rate and floating-rate subordinated non-preferred notes (A3/BBB-) at par to yield 5.3795%, according to a market source.

BBVA SA and JP Morgan were joint bookrunners for the Rule 144A/Regulation S offering.

The issuer is Mexico City-based bank.

Issuer: BBVA Bancomer SA

Amount:	$500 million
Issue:	Non-cumulative fixed-rate and floating-rate subordinated non-preferred notes
Maturity:	July 22, 2015
Coupon:	5.3795% until July 2010, then three-month Libor plus 195 basis points
Price:	Par
Yield:	5.3795%
Spread:	138 basis points more than Treasuries
Pricing date:	July 19
Settlement date:	July 22
Joint bookrunners:	BBVA SA, JP Morgan
Ratings:	Moody's: A3
	Standard & Poor's: BBB-

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