Santander unit to issue US$587mn in debt locally

Monday, March 14, 2011

Santander México is set to issue an additional 7bn pesos (US$587mn) in bonds on the domestic market under its ongoing 20bn-peso debt program.

According to a release from Moody's, which rated the issues in line with the agency's ratings for the bank itself, the debt will include a 1bn-peso issue of two-year bank debt certificates (Cedes), as well as issues of two-year variable rate bonds and 10-year fixed rate bank debt, worth a combined 6bn pesos.

With the large debt issue, Santander joins BBVA Bancomer, which recently sold US$2bn in debt in a single issue.

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