Bimbo, Nafin print local bonds

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Mexican bread making giant Grupo Bimbo and national development bank Nafin raised MXN27.2 billion ($1.32 billion) combined in two-part bond sales on Wednesday, as issuance gathers pace in the local market. Bimbo sold MXN12.76 billion worth of seven-year bonds at a fixed rate of 10.06% and MXN2.23 billion worth of three-year notes at 0.34% over the TIIE interbank lending rate, the company said in a press release. The bond sale drew demand of around MXN22 billion, CFO Diego Gaxiola said in the release. The company will use the proceeds for investment, working capital, refinancing, and operating expenses. BBVA, HSBC and Santander acted as joint bookrunners on the deal, which S&P and Fitch rated AAA on their local scales, the breadmaker added. ADVERTISEMENT We Helped a Solar Plant Hire More Women. Will the Industry Follow Suit? The Lucayas Solar Power Project in the Bahamas marked a milestone by pioneering the integration of women in the construction of solar photovoltaic plants. What we learned in the process can help other companies’ commitment to gender equity. Bimbo last tapped the local market in June 2024, when it issued MXN15 billion worth of sustainability-linked bonds. ESG BONDS Nafin, meanwhile, issued MXN6.09 billion worth of sustainable bonds. The lender placed 3.5-year notes at a spread of 0.25% over the TIIE interbank lending rate and MXN6.14 billion worth of 10.5-year bonds at a fixed rate of 10.13%, it said in a securities filing. BBVA, Banorte, and Scotiabank were underwriters on the deal, which Fitch and HR rated AAA on their local scales, the filing said. Nafin will use the proceeds to fund loans to MSMEs, as well as for “strategic projects that promote economic growth and financial inclusion in Mexico,” BBVA said in a press release. In November, Nafin raised MXN5 billion in a reopening of its 2027 social bonds, following the sale of MXN11.6 billion in September. The local bond market is showing signs of reactivation amid hopes that blanket tariffs on US imports from Mexico may not materialize, said Jacobo Rodríguez, an analyst at Roga Capital. “We are seeing that, externally, the risks are beginning to mitigate a bit in the sense that Donald Trump is not being so aggressive in terms of his tariff policy,” he told LatinFinance .