Playing Hard to Get
América Móvil waited years to issue its first international bond. When the Mexican cellphone company finally went to the market, plenty of investors wanted a piece of the action.
América Móvil, Latin America's largest
wireless telephone company, made a spectacular debut in the
international bond market in March, when it issued a $1.3
billion two-tranche bond. This was the largest corporate bond
issue ever by a Latin American corporate issuer and the largest
ever for a privately owned emerging markets issuer.
América Móvil has proved masterfully patient,
both as an acquirer of wireless assets in Latin America and as
an issuer of debt. Gabriel Bochi, head of Latin American debt
capital markets at JP Morgan, says, "It really paid off to be
patient. They clearly picked the bottom of the Treasury market
Carlos García-Moreno, chief financial officer of
América Móvil, says the company waited three
years, since Mexico's fixed line provider,
Teléfonos de México (Telmex), spun América
Móvil off as...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.