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Banorte eyes 50B Mexican peso debt issue

Grupo Financiero Banorte SAB de CV is seeking regulatory approval to offer some 50 billion Mexican pesos in various long-term debt instruments, El Financiero reported, citing a stock exchange request.

The banking group needs authorization from banking regulator CNBV to move forward with the issuance, which could include structured bonds. The company didn't specify a date for the planned offering, according to the newspaper.

Terms for the debt may range from one to 40 years, and the funds raised may be used for a variety of corporate and operational purposes, though no specific purposes were listed in the proposal.

Banorte in October 2017 agreed to a merger with Grupo Financiero Interacciones SAB de CV valued at around 26.56 billion Mexican pesos; the deal is expected to be completed by mid-2018.

Once Banorte completes its acquisition of Interacciones, it will become Mexico's second-largest financial group.

As of March 19, US$1 was equivalent to 18.74 Mexican pesos.