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Mexico's Banobras joins green rush

Aug 30, 2017

The Mexican development bank courts investors for approximately $559m in local currency securities

Aaron Weinman

Keywords: Banobras Mexico debt capital markets green bonds Mexico Nafin

Banobras is the latest Mexican financial institution to join the rush for green securities, charting a potential MXN10bn ($558.7m) trade.

The development bank is expected to print a three-year floater and a seven-year fixed rate bond, according to a report from Moody’s.

Both Moody's and Fitch Ratings gave the prospective new issue a AAA local rating. Moody's said proceeds will be invested in green and social projects that support sustainable developments in Mexico.

Banorte-IXE, HSBC and Santander are leading the trade.

Fellow development bank Nafin sold a MXN2bn green bond in September last year.

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