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