The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

FIG issuance: Latin American bank bond issuance booms

So far Santander Mexico and BBVA Bancomer are the only Mexican banks to issue international bonds. They came to the market at the end of January to each sell Ps5 billion ($413.5 million) of three-year bonds (both deals were self-led, jointly with Banamex) and both priced at 20 basis points over TIIE.

However, elsewhere in Latin America banks have been more active, with issuance from financial institutions wanting to replenish capital and fund their credit expansion.

"There has been a lot of supply of bank paper in Latin America already in 2011 and it has been across the spectrum of size and credit," says Katia Bouazza, head of global capital markets, Latin America, at HSBC, which managed deals for Brazilian banks Bradesco, Banco Daycoval and Banco Votorantim. Banco Votorantim raised $750 million in early February with a five-year bond that priced at 98.834 with a 5.250% coupon to yield 5.520% – a level that attracted $2.9 billion of orders. Bouazza says there is a lot of appetite across the credit curve for bank paper, and the demand is higher when spreads are more reasonable. "Most of the names have access but banks will have to be careful in choosing their market windows and how they price and attract investors," she says.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree