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BBVA Bancomer Sells $2 Billion of Bonds in Largest Issue

Grupo Financiero BBVA Bancomer SA, the Mexican unit of Spain’s second-largest bank, sold $2 billion of bonds, matching the country’s largest corporate bond offering.

The bank said in a statement that it sold $750 million of five-year notes to yield 237 basis points, or 2.37 percentage points, more than similar-maturity U.S. Treasuries, and $1.25 billion of 10-year bonds at a spread of 312 basis points.

The sale is the country’s largest since Petroleos Mexicanos sold $2 billion of notes in July, and also equals issues by America Movil SAB in March 2010 and Pemex in 2009, according to data compiled by Bloomberg.

The issue will allow the bank to “consolidate and further strengthen its liquidity and capital position,” the statement said.

BBVA said in an e-mailed statement to the Mexico stock exchange on Feb. 21 that it plans to sell as much as 60 billion pesos ($5 billion) of debt in Mexico during the next five years. The bank last issued debt in January, selling 5 billion pesos of floating rate bonds, according to data compiled by Bloomberg.

To contact the reporter on this story: Boris Korby in New York at bkorby1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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