Demand for the series of bonds exceeded the available supply by 88%. The issue was carried out in two tranches: wholesale and retail. 208,757,947 UI (US$ 31.5 million) were auctioned in the wholesale tranche, with demand totaling 436.3 million UI (US$ 66 million). The proposed prices ranged from 94.6 to 101.52.
In the non-competitive retail segment, no offers were registered. 23,195,327 UI were tendered at a price of 100.95, the weighted average price of 90% of the offers accepted by the issuer in the wholesale segment.
“Our efforts are focused on offering our clients the solutions they really need, and the demand we have received confirms that we are on the right track,” he said. Constantine GotsisCEO of HSBC in Uruguay.
The funds obtained from the placement will be allocated by the bank to the mortgage loan financing for the construction or acquisition of housing.
The placement made under the second HSBC Mortgage Credit Notes issuance programme has a term of 25 years. The interest rate is 3.67% nominal annual, with interest paid semi-annually.
For its part, Eduardo Barbierigeneral manager of Bevsa, highlighted the operation because “it has a great social impact, since it allows funds to be channeled to provide Uruguayans with the possibility of accessing their own home.”
The program received a BBB+ risk rating from Fix SCR Uruguay Risk Rating Agency SAboth Long Term in Foreign Currency (BBB) and Local Currency (BBB+).
Source: Ambito
