Bladex placed MXN 2,000 million (USD 107 million) in long-term certificados bursátiles on the Mexican Stock Exchange (BMV), under the ticker BLADEX 26-3, at a floating rate and a four-year term. It is the fifth issue under its dual short- and long-term program of up to MXN 35,000 million (USD 1,877 million). The book closed on October 21 and settlement is on October 23, 2026.
The terms
- Amount: MXN 2,000 million (USD 107 million): MXN 1,000 million (USD 53.6 million) from the primary book and MXN 1,000 million (USD 53.6 million) of over-allotment. The over-allotment doubled the base amount, the maximum allowed in the offering notice. The notice does not report demand.
- Term: 1,456 days (about 4 years); matures October 18, 2030, with a single principal payment at maturity.
- Rate: floating, average TIIE de Fondeo plus 0.62 percentage points, with interest paid every 28 days.
- Security: senior unsecured; the notes carry no guarantee.
- Ratings: mxAAA (S&P Global Ratings) and AAA(mex) (Fitch México).
- Placement agent: Casa de Bolsa BBVA México. Common representative: Monex Casa de Bolsa.
- Dates: offering on October 20, book close on October 21, and issue and settlement on October 23, 2026.
Bladex is a Panama-based bank that has operated since 1979. It was founded by the region’s central banks and serves financial institutions and companies in Latin America and the Caribbean, with a focus on foreign trade. It has been listed on the New York Stock Exchange since 1992 and has issued debt on the BMV for more than a decade. In September it placed MXN 5,000 million (USD 268 million) at three years at TIIE de Fondeo plus 58 basis points, with demand of MXN 7,779 million (USD 417 million), 1.56 times the amount issued, according to the issuer.
Why it matters
This is Bladex’s second placement on the BMV in two months, now one year longer and 4 basis points wider. One day earlier, the FONACOT Institute paid 59 basis points over TIIE de Fondeo at three years, also rated AAA. A foreign issuer with a local AAA rating is placing peso debt at an issuance cost close to that of a federal government agency.
For a company or developer considering an issue, the reference is a range of 58 to 62 basis points over TIIE de Fondeo at three to four years for AAA issuers. Rating, issue size and collateral adjustments are added to that starting point.
What to review
- What spread over TIIE de Fondeo your rating would imply compared with the 58 to 62 basis point range of AAA issuers.
- Whether a dual short- and long-term program would let you return to the market with several issues without repeating the full authorization process.
- Whether a large over-allotment option in your own issue would give you room to grow the amount when 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 21, 2026 (MXN 18.6425 per USD). Source: placement notice for BLADEX 26-3, Bolsa Mexicana de Valores, October 21, 2026; Bladex release on its September 2026 placement. 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.
