Mexico Offers 10-Year Bonds

LONDON -- Chase Manhattan Bank launched Wednesday a $150 million offering of debt securities for Mexico's chief economic development agency, Nacional Financiera.

The Mexican bonds are the first to have a 10-year maturity and should become the benchmark for the nation's outstanding international issues, according to Chase Investment Bank, the money-center's merchant banking arm, based in London.

While structured as Eurobonds, they have a provision for private placement in the United States.

"We expect demand to come mainly from Europe as well as from major institutional investors in the U.S.," a Chase spokesman said.

The Mexican bonds carry a coupon of 10 5/8% at an issue price of 99.29, to give them a spread of 280 basis points over yields for 10-year U.S. Treasury bonds.

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