Banco Latinoamericano de Comercio Exterior, aka Bladex, has completed its second issuance of ‘certificados bursátiles’ or local notes in the Mexican capital markets, in the amount of two billion Mexican pesos (MXN), or US$155m. Bladex had previously completed a US$400m issue of five-year bonds in March 2012.
The bank, established in 1977 by the central banks of Latin American and Caribbean countries to promote the region’s foreign trade finance and economic integration, said the notes have a tenor of 3.5 years, with a floating-rate coupon of 28-day interbank equilibrium interest rate (TIIE) plus 38 basis points.
The transaction was more than five times oversubscribed, with total demand exceeding MXN10.5bn. With more than 30 investors, the transaction was diversified among pension funds, insurance companies, private banks, commercial banks, and brokerage firms.
“Through its central bank, Mexico has been a shareholder of Bladex since its creation, along with a number of other Mexican financial institutions,” said Christopher Schech, executive vice president and chief financial officer (EVP/CFO) of Bladex.
“This issuance again demonstrates the depth and liquidity of Mexico’s capital markets, as well as investor confidence in Bladex´s franchise and solid financial profile. Trade growth in Latin America continues to be solid and stable, and Bladex plans to deploy these funds to finance that growth, with emphasis on the Bank’s loan portfolio in Mexico.”
Bladex, headquartered in Panama, has offices in Argentina, Brazil, Colombia, Mexico, Peru, and the US. Its shareholders include central banks, state-owned entities and commercial banks from 23 Latin America countries, as well as international banks and institutional and retail investors through its public listing on the New York Stock Exchange (NYSE)-Euronext.
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