Mexico corporate debt: The Big Sell

Jan 1, 2013

América Móvil has added yet another capital markets first. Its CFO explains the creation of a new global-local security sold domestically and abroad — without the need for global depositary

By Ben Miller

Latin America’s blue-chips have for many years found international investors receptive to local currency bonds, although liquidity concerns have tended to limit such sales. At the same time, the number of domestic investors with appetite for local currency has been growing across the region.

Mexico’s América Móvil, a capital markets pioneer with several regional firsts under its belt, wanted greater – and regular – issuance in pesos, following the integration of its Telmex assets. It had already issued offshore global local currency-denominated bonds. Pemex and Peru had sold global depositary notes (GDNs) that allowed the same bond to be sold, via special certificates, to foreign and local buyers at the same time. However, none of these options seemed good enough.

What América Móvil wanted was what Mexico’s sovereign had: a single security denominated and payable in pesos that could seamlessly be sold to locals and...

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