Banco de Crédito e Inversiones (BCI), a bank incorporated in Chile, placed MXN 2,000 million (USD 110 million) in long-term notes (certificados bursátiles) on the Bolsa Institucional de Valores (BIVA). It is the first issue under its revolving program of up to MXN 20,000 million (USD 1,104 million), valid for five years. The ticker is BCI 26. The book closed on October 8 and settlement is on October 13, 2026.
The terms
- Amount: MXN 2,000 million (USD 110 million), 20 million notes at a face value of MXN 100. The notice reports no over-allotment and no demand figure.
- Tenor and rate: 1,456 days (about 4 years), maturing October 8, 2030, at average TIIE de Fondeo plus 64 basis points. Interest every 28 days.
- Amortization: bullet at maturity, with a voluntary early redemption option for the issuer.
- Security: unsecured.
- Ratings: AAA.mx from Moody’s Local México and AAA(mex) from Fitch México.
- Bookrunners: Actinver Casa de Bolsa, HSBC Casa de Bolsa and Morgan Stanley México Casa de Bolsa. Common representative: Banco Multiva.
BCI is a Chilean bank tapping the Mexican market as a foreign issuer. The deal was bookbuilt with discretionary allocation at a single rate. The notice does not detail the use of proceeds.
Why it matters
A foreign bank funding itself in pesos adds AAA bank paper to the market and competes for the same institutional investors as local banks. In the same week, BanBajío paid TIIE de Fondeo plus 49 basis points over 3 years and 60 over 5 years. BCI paid 64 over 4 years: a premium to the local bank for its first issue under the program.
For a mid-sized company or a developer, these spreads are where the negotiation starts: a bank loan adds the bank’s margin and the project’s risk on top of the bank’s own funding cost. More banks with long-term peso funding means more potential counterparties for corporate lending.
What to review
- How far your loan spread sits from what AAA banks pay in the market.
- Whether your contract lets you prepay without penalty, like the early redemption option BCI kept, so you can refinance if rates fall.
- Whether to add foreign banks with peso funding to your list of corporate lending counterparties.
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 8, 2026 (MXN 18.1128 per USD). Source: placement notice for BCI 26, Bolsa Institucional de Valores, October 8, 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.
