Mexico Launches Another First

Feb 1, 2004

Mexico capped a three-year campaign in 2003 to construct an even and long-dated yield curve in the local market when it successfully place a MP$1.19 billion ($108 million) 20-year fixed rated bond, the first such issue in the country's history. The bond is the most ambitious local issue yet from a sovereign that has come of age as a borrower over the last few years (see "In a Class of Its Own"). LatinFinance recognizes Mexico's achievements in cultivating the local market, and the precedent it has set for corporate issuers, by naming its 20-year bond as the Sovereign Local Currency Bond of the Year.

The fact that Mexico was able to successfully place a 20-year bond with a yield of 8.39% with local investors is remarkable given that just three years ago the longest maturity paper that the sovereign could place locally was a one-year bond. But...

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