Bancomext's Peso-Euro Bond

Feb 1, 2003

Until very recently, most international investors would generally buy Mexican peso bonds to indulge in a little currency speculation. But the game has changed now that the world's three main credit rating agencies have awarded Mexico an investment-grade rating. Owning peso debt has quickly become a less speculative affair, requiring some serious fundamental credit analysis.

A successful peso bond sold to international investors in November 2002 by Bancomext, the Mexican government's import-export bank, showed just how much has changed in the country's capital markets with the consolidation of economic reform and fiscal stability. For these reasons, LatinFinance has named Bancomext's MP$1 billion ($97.67 million) three-year bond, managed by Morgan Stanley, as the local currency bond deal of the year for 2002. "This was...

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