The Spanish bank’s Mexican arm, BBVA Bancomer has reported a decline its structured note issuance during the fourth quarter of 2020 amid radical fluctuations in FX and rates which caused customer interest to dwindle.

According to Pablo Parra ( pictured ), BBVA Bancomer’s head of global structured solutions, the bank saw the issuance amount for rates-linked products halved compared to the previous quarter. “Here, a flat Mexican curve with low volatility is certainly not helping,” he said. “We have FX, where these structured notes showed an increment for USD-indexed products, showing that clients were more concerned about the USD/MXN performance towards the end of the year. Clients a

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