AMX Becomes First LatAm Dim Sum Issuer

Feb 2, 2012

America Movil became LatAm’s first borrower to tap the so-called Dim Sum market Wednesday when it issued a CHN1bn ($160m) 3-year bond. This is expected to be the first of several from the Mexican telecom giant and this year could see other LatAm corporates take a stab at the rapidly growing offshore renminbi-denominated market, bankers say. “We want to establish a more regular presence in this market with funding that can used to cover our inputs of Chinese goods,” the company’s CFO Carlos Garcia Moreno tells LatinFinance. “This is not meant to be a one-off transaction.” With America Movil’s Chinese vendor network growing considerably in...

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