Banorte issues sustainable bond in the local market

Banorte, a leading Mexican financial institution, has issued sustainable bonds on the Mexican Stock Exchange (BMV), for an amount in local currency equivalent to nearly 785 million dollars.

The operation was structured in three bond series: i) BANORTE 24X, with an equivalent value of 250 million dollars with a four-year term and a TIIE rate plus a 0.33% spread; ii) BANORTE 24-2X, for an equivalent amount of 220 million dollars with a seven-year term and a fixed annual rate of 9.74%; and iii) BANORTE 24UX, equivalent to 315 million dollars with a ten year term and a real rate of 4.90% annually.

The placements received the highest rating of ‘AAA.mx’ by Moody’s Local México and ‘AAA (mex)’ by FitchRatings.