BBVA México accompanies HIR Casa in its third issuance for MXN1.5 billion

BBVA México led HIR Casa with its third issuance of Trust-Backed Securities Certificates totaling MXN1.5 billion. The securities were grouped into a single tranche, at a floating rate of 215 basis points over the 28-day TIIE, a legal term of 8 years and a half life of 2.6 years; they are callable starting at the first period.

The issue received a credit rating of AAA (mex) from Fitch, and HR AAA from HR Ratings; total demand was MXN1.74 billion, a bid-to-cover ratio of 1.16 times, with outstanding participation by private bankers, brokerage firms and money desks.  Independent advisors, development banks and mutual funds were also active takers in this offering.

With this placement, HIR Casa surpassed the amount of its two previous issues, thanks to strong performance by the company and investor confidence. This was also the first major structured debt issue on the Mexican market in the year to date.

BBVA congratulates HIR Casa for its successful offering and appreciates the trust shown by choosing us to act as Structuring Agent in this important deal.