Inter-American Investment Corporation (IDB Invest) placed MXN 3,500 million (USD 193 million) in a long-term social bond on the Bolsa Institucional de Valores (BIVA). The ticker is BIDINV 1-26S. The book closed on October 8 and settlement is on October 12, 2026.
The terms
- Amount: MXN 3,500 million (USD 193 million), 35 million notes at a face value of MXN 100. The notice reports no over-allotment and no demand figure.
- Tenor and rate: 1,092 days (about 3 years), maturing October 8, 2029, at average TIIE de Fondeo plus 31 basis points. Interest every 28 days.
- Label: social bond under IDB Invest’s Sustainable Debt Framework, aligned with the ICMA Social Bond Principles and backed by a third-party opinion.
- Use of proceeds: financing or refinancing eligible social projects, new or existing. IDB Invest expects to allocate the funds within two years.
- Ratings: Aaa.mx from Moody’s Local México and AAA(mex) from Fitch Ratings.
- Joint bookrunners: Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa. Common representative: Monex Casa de Bolsa.
IDB Invest is the IDB Group institution that finances the private sector in Latin America and the Caribbean. The placement coincides with the maturity of BIDINV 1-23S, the MXN 3,500 million social bond it placed in October 2023 at 28-day TIIE plus 10 basis points, which matures on October 15, 2026.
Why it matters
In a single week the market set three peso benchmarks at around three years. Nafin, backed by the federal government, paid TIIE de Fondeo plus 23 basis points over 3.3 years. IDB Invest, a AAA multilateral, paid 31 basis points. BanBajío, a AAA commercial bank, paid 49 basis points. The ladder shows what the market charges to move from sovereign to multilateral to private bank risk.
For a mid-sized company or a developer, these spreads are the floor: a bank loan adds the lender’s margin and the project’s risk on top of the lender’s own funding cost. Comparisons with the 2023 bond need care: that one was priced off 28-day TIIE and this one off TIIE de Fondeo, so the spreads are not directly comparable.
What to review
- Whether your loan is priced off TIIE de Fondeo or 28-day TIIE, and how the transition changes your all-in cost.
- Whether your project qualifies as social or green under a recognized framework, which opens the door to multilaterals and ESG-mandated investors.
- Whether your impact information (use of proceeds, metrics and reporting) is ready before you seek labeled funding.
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). Sources: placement notice for BIDINV 1-26S, Bolsa Institucional de Valores, October 8, 2026; IDB Invest, release on BIDINV 1-23S, October 2023. 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.
