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Credit: Mexico’s government Mexican state-owned development bank Nafin plans to issue as much as MXN15 billion ($730 million) worth of social bonds in the local market, according to HR Ratings. The bank plans to price a 3.5-year bond at a floating rate over the TIIE interbank lending rate, and a 10.5-year note at a fixed rate, the agency said in a report Tuesday. Nafin has a target amount of MXN7.5 billion and a potential over-allocation of up to MXN7.5 billion, the report said. HR assigned the deal an AAA rating with a stable outlook. The proposed use of proceeds and date of the sale were not disclosed. ADVERTISEMENT Seven Factors that Make Inclusion a Winning Strategy for Business The participation of stakeholders and vulnerable communities in the design of projects and in the value chain, accompanied by a commitment to diversity and a robust sustainability policy, are an ethical imperative, but also the best way to achieve business objectives. The placement would represent the development bank’s third social bond issue of the last six months. In November, it raised MXN5 billion in a reopening of its 2027 social bonds, following the sale of MXN11.6 billion in a two-part deal in September.
