Mexico to raise 2.5bn from 2024 and 2045 bonds

LONDON: The United Mexican States has launched a 2.5bn dual tranche 2024 and 2045 bond issue, according to a lead.

The deal is split equally between a 1.25bn 2024 note that will price at mid-swaps plus 110bp, and a 1.25bn bond that will price at mid-swaps plus 190bp.

Mexico began marketing the 2024 note at mid-swaps plus 135bp area today, before revising guidance to 125bp area.

The longer tranche was offered to investors at 205bp area over mid-swaps, before tightening to 195bp area.

Barclays, Deutsche Bank and Santander are running the deal.

Mexico is rated A3 stable by Moody's, BBB+ stable by Standard & Poor's and BBB+ stable by Fitch.