Mexico notched up a remarkable number
of firsts in the markets last year. It was the first emerging
markets borrower to issue bonds with collective action clauses,
it retired its remaining Brady bonds, placed its first 20-year
peso-denominated bond, and found buyers for its
euro-denominated paper among non-emerging market investors. The
sovereign also was the world's leading emerging market bond
issuer in 2003. In recognition of these successes,
LatinFinance has named the United Mexican States as
Sovereign Issuer of the Year.
These achievements are the result of years of hard work
needed to win a consensus investment grade rating, the only
country in Latin America apart from Chile with such a
distinction. Market reforms in the 1990s and strict fiscal
policy under Finance Secretary Francisco Gil Díaz
consolidated Mexico's rock solid finances and its pro-market
economic policies. "Mexico's accomplishments are part of a
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