THE LIRA market provided some light on an otherwise gloomy horizon for Latin issuers this week when Mexican commercial bank Bancomer successfully placed Lit250bn worth of five year bonds. The 7.125% deal, led by Chase, was increased from Lit200bn and came at 99.625 to yield 224bp over BTPs -- an attractive swap rate of 254bp over Treasuries for Bancomer at a time when UMS dollar bonds maturing 2001 were trading at 279bp and BNCE 04s at 332bp.
January 16, 1998