Mexican public credit
officials and investment bankers from Citigroup and Deutsche
Bank crisscrossed Europe last May and detected demand among
institutional investors for a large, liquid, non-dollar global
benchmark bond. The two financial teams called on 45 clients in
seven cities in a three-day blitz that stretched from London to
Munich to Madrid.
The intensive pre-deal roadshow was critical to the success
of the sovereign's 750 million, 10-year global bond in
June, which allowed Mexico to raise money for the same low
price it would have paid in the dollar market. This was quite
an achievement, since euro investors have traditionally won
richer yields than those available in the dollar market.
LatinFinance chose this bond as Sovereign Euro Bond of
the Year because it attracted new investors, was deftly timed
and laid the groundwork for future issuance in the euro
The bond, which priced at 173 basis...
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