Slim’s Bank Taps Record Rates to Lead Sales Surge: Mexico Credit

Banco Inbursa SA, the corporate lender controlled by billionaire Carlos Slim, is selling the most debt in Mexico’s local bond market this year to take advantage of record-low benchmark borrowing costs.

Inbursa plans to offer up to 6 billion pesos ($514 million) of bonds as soon as tomorrow, pushing sales by Mexico’s sixth-largest bank by loans to about 17 billion pesos this year, according to data compiled by Bloomberg. The notes may yield about 17 basis points, or 0.17 percentage point, above the 28-day TIIE interbank lending rate, or 4.97 percent, according to Araceli Espinosa, a corporate debt analyst at Scotia Capital. BNP Paribas SA, France’s largest bank, sold 1.2 billion pesos to yield 50 basis points more than TIIE, in June.