In a Class of Its Own

Feb 1, 2004

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 gradual...

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