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The issue received local ratings of mxAAA by S&P Global Ratings and AAA.mx by Moody's, respectively. BBVA and HSBC acted as underwriters in the deal. The transaction was 1.5 times oversubscribed, with orders worth more than 3.8 billion Mexican pesos from 29 institutional investors. Strong demand allowed underwriters to reduce the rate during the placement, from the initial indicative price of 3 basis points to 0 basis points over TIIE 28. Investment funds accumulated 64% of the bonds issued, followed by government institutions with the 22%, bank treasuries with 8%, insurance companies with 2% and 4% distributed to pension funds, corporate treasuries and other investors.
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