Bond Mercantil del Norte Bank Ltd. 6.875% ( US05962GAH20 ) in USD

Issuer	Mercantil del Norte Bank Ltd.
Market price	100.1 % ⇌
Country	Mexico
ISIN code	US05962GAH20 ( in USD )
Interest rate	6.875% per year ( payment 4 times a year)
Maturity	Perpetual
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Minimal amount	200 000 USD
Total amount	350 000 000 USD
Cusip	05962GAH2
Standard & Poor's ( S&P ) rating	BB- ( Non-investment grade speculative )
Moody's rating	Ba2 ( Non-investment grade speculative )
Next Coupon	06/04/2026 ( In 4 days )
Detailed description	Banco Mercantil del Norte S.A. [Grand Cayman Branch] is a branch of a Venezuelan bank offering international banking services, including corporate and private banking, from its location in the Cayman Islands. The financial markets are currently observing a perpetual bond (ISIN: US05962GAH20, CUSIP: 05962GAH2) issued by the Grand Cayman Branch of Banco Mercantil del Norte S.A., a key entity originating from Mexico. Banco Mercantil del Norte S.A. is globally recognized as Grupo Financiero Banorte, one of the largest and most prominent financial institutions in Mexico, offering a comprehensive suite of banking, brokerage, pension, and insurance services across retail, corporate, and government segments, with its Grand Cayman Branch frequently utilized for international debt issuances to access broader capital markets. This specific bond, denominated in U.S. Dollars (USD), is presently trading at 100.1% of its par value, indicating a slight premium in the secondary market. It carries a fixed annual interest rate of 6.875%, with interest disbursements scheduled quarterly, providing investors with a consistent income stream. A defining characteristic of this instrument is its perpetual maturity, signifying that it has no fixed redemption date, offering an indefinite life as long as the issuer remains solvent and makes payments. The total size of this particular bond issue is $350,000,000, with a stipulated minimum purchase size of $200,000 per transaction, making it suitable primarily for institutional investors or high-net-worth individuals. The credit quality of this bond has been assessed by major rating agencies, with Standard & Poor's assigning a BB- rating and Moody's providing a Ba2 rating, both falling within the speculative (junk) grade category, which implies a higher level of credit risk compared to investment-grade securities, yet also suggests the issuer's current capacity to meet its financial obligations, albeit potentially susceptible to adverse economic or financial conditions.