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Santander Mexico Sells $1 Billion in 10-Year Global Bonds

November 7, 2012 Fox Business
Mexican bank Grupo Financiero Santander Mexico SAB (BSMX, SAN.MX) sold $1 billion in 10-year global bonds Tuesday, hot on the tail of its record-breaking share offering in September.

The bonds placed at 260 basis points above comparable U.S. Treasuries, representing the lowest cost and longest duration for a Mexican bank note, the Mexican unit of Spain's Banco Santander SA (SAN) said in a statement.

The issuance also marks the bank's debut in international credit markets, the bank added, saying that the debt deal was 4.3-times oversubscribed.

The funds raised via the issuance will enable Mexico's fourth-biggest bank to refinance other debts due in 2013, extending durations and thus improving the bank's debt profile, Santander Mexico said.

Santander Mexico raised around 2.77 billion euros ($3.57 billion) for its Spanish parent in September via a dual U.S.-Mexico share offering of 25% of the bank. That deal, the largest stock offering in the U.S. this year after Facebook Inc.'s (FB) and the biggest ever in Mexico, was roughly five times oversubscribed.

Read more: http://www.foxbusiness.com/news/2012/11/06/santander-mexico-sells-1-billion-in-10-year-global-bonds/#ixzz2BXNwCZRf