Fibra Uno Administracion SA (FUNO11), Mexico’s biggest real-estate investment trust, plans to sell $400 million of 30-year debt as part of a $1 billion offering in its international bond market debut.
Fibra Uno, which originally had intended to sell 10-year securities, added a 30-year tranche to yield 3.5 percentage points above Treasuries, according to a person familiar with the plans. The investment trust is also offering $600 million of notes due in December 2024 to yield 2.5 percentage points above Treasuries, said the person, who asked not to be identified because final terms aren’t set.
Sales of Mexico’s international bonds maturing in more than 29 years rose to $6.6 billion this year, or 66 percent of the total. That compares with $2.1 billion or 42 percent in the same period a year earlier, according to data compiled by Bloomberg.
“Mexico has initiated a very important set of reforms that once approved will require a lot of investments,” Araceli Espinosa, a debt strategist at Bank of Nova Scotia’s Mexico unit, said by phone from Mexico City. “It is a long-term bet.”