Mexican financial institution Banorte (GFNORTEO.MX) has successfully secured $1.35 billion in international markets through the sale of hybrid debt. This substantial deal underscores a robust investor appetite for higher-yielding bank paper emanating from Latin America. Banorte, a prominent Mexican lender, provides a comprehensive suite of financial services to individuals and businesses across its home country, making it a key player in the nation’s financial landscape. The successful raise marks a significant transaction for the institution, bolstering its capital base.
The bank structured the offering into two distinct tranches of perpetual additional tier 1 (AT1) notes. The first tranche comprised $600 million with an 8.0%…