Scotiabank Inverlat placed MXN 11,777 million (USD 637 million) in long-term bank notes (certificados bursátiles bancarios) on the Bolsa Mexicana de Valores (BMV), in two tranches: SCOTIAB 26-3, at a floating rate, and SCOTIAB 26-4, at a fixed rate. They are the ninth and tenth issues under its program of up to MXN 50,000 million (USD 2,704 million). The book closed on October 16 and settlement is on October 20, 2026.
The terms
- Amount: MXN 11,777 million (USD 637 million), against a base offering of MXN 8,000 million (USD 433 million). The bank exercised a 47.21% over-allotment in each tranche, for MXN 3,777 million (USD 204 million). The offering notice set a maximum of MXN 12,000 million (USD 649 million). The notices do not report demand.
- SCOTIAB 26-3: MXN 5,603.78 million (USD 303.0 million), of which MXN 1,797.19 million (USD 97.2 million) is over-allotment. 1,095 days (about 3 years), maturing on October 19, 2029, at compounded TIIE de Fondeo plus 34 basis points. Interest every 28 days.
- SCOTIAB 26-4: MXN 6,173.23 million (USD 333.8 million), with an over-allotment of MXN 1,979.82 million (USD 107.1 million). 2,730 days (about 7.5 years), maturing on April 11, 2034, at a fixed 9.56%: 49 basis points over the interpolated M Bono 33-34 rate (9.07%) on the book-closing date. Interest every 182 days.
- Amortization: a single payment at maturity in both tranches. The issuer kept the option of voluntary early redemption.
- Guarantee: unsecured. The Bank of Nova Scotia does not guarantee the notes, and they are not covered by IPAB, Mexico’s deposit insurer.
- Ratings: AAA.mx from Moody’s Local MX and mxAAA from S&P Global Ratings, on both tranches.
- Placement agent: Scotia Inverlat Casa de Bolsa, part of the issuer’s financial group. Common representative: Banco Multiva.
Scotiabank Inverlat is the bank of Grupo Financiero Scotiabank Inverlat, The Bank of Nova Scotia’s Mexican subsidiary. Net proceeds from both tranches total MXN 11,735.7 million (USD 634.6 million). The placement was done through a bookbuilding process. The notices do not detail the use of proceeds.
Why it matters
It is the largest amount among the placements we have covered in October, and the bank took it close to the announced maximum. Over three years it paid 34 basis points over TIIE de Fondeo. Last week, BanBajío paid 49 basis points for the same tenor and BCI 64 basis points over four years.
The fixed tranche is the other signal. More than half of the amount was priced at 9.56% for 7.5 years, 49 basis points over the government bond. This same week, Toyota Financial Services paid 65 basis points over the M Bono for 4.5 years. For a company or a developer weighing an issue, that spread for a AAA bank issuer is the starting point; adjustments for rating, issue size and guarantees are added to it.
What to review
- What it would cost today to fix the rate on your debt for five to seven years against the M Bono curve.
- What spread over TIIE de Fondeo or over the M Bono your rating would imply compared with a AAA issuer.
- Whether an over-allotment option in your own issue would give you room to increase the amount if demand allows.
At Borax Capital we negotiate funding with banks, development banks and funds, and structure debt placements so companies reach the market with the documentation investors require.
US dollar amounts converted at Banco de México’s FIX rate of October 16, 2026 (MXN 18.4930 per USD). Source: placement notices for SCOTIAB 26-3 and SCOTIAB 26-4, Bolsa Mexicana de Valores, October 16, 2026. Information from public sources; the mention does not imply any commercial relationship. This content is for information only and is not investment advice or an offer of securities.
This content is for informational purposes only and does not constitute investment advice or an offer of securities.
