HIGH-GRADE BOND - América Móvil’s $2.75bn Dual-Tranche Offering

Jan 19, 2012

América Móvil’s $2.75bn Dual-Tranche Offering

Mexican telecom América Móvil (AMX) reinforced its reputation as a sophisticated issuer in August when it priced a $2.75 billion dual-tranche offering. By coming late summer and approaching investors first with a short tenor, AMX was able to achieve the second-lowest coupon ever for a five-year bond in the telecom sector and the lowest-ever coupon on a five-year fixed-rate bond from a LatAm issuer. The decision to come late August also proved to be a smart one, allowing the borrower to take advantage of low benchmark rates...

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