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
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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