by Ben Miller
Mar 1, 2012
Perennial star issuer Mexico leads the rankings in a region where most sovereign public credit departments receive top marks. Uruguay follows closely behind.
Naming the top public credit issuer in LatAm this year is difficult, with the region spoiled for choice. Any of this year’s regional top seven would be a superstar in Europe, and in many other parts of the world. Strong management, timely liability exchanges, and almost-guaranteed strong demand from investors for paper at historical low yields mean any of them could make a case for being number one.
The past 12 months for Mexico have mostly seen a series of well-timed retaps, most notably surprising the markets with a $1 billion reopening of its century bond in August.
The somewhat unconventionally timed deal locked in a 5.959% yield, or 241.8 basis points over US Treasuries, some 14 basis points inside the original 6.10% yield. A fast and efficient execution, helped...
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