By Mariana Santibáñez
Public credit scorecard: A step ahead
Mexico once again leads the pack for its sophistication in well-timed, tightly priced sales and a number of groundbreaking deals
In contrast to previous years, picking out the top sovereign
issuer in this year’s public credit scorecard
needed little pause for reflection. Over the past year, Mexico
has solidified its position as the region’s most
sophisticated national borrower through a variety of
transactions that have achieved new pricing lows.
Mexico’s $2 billion, 32-year issue won
LatinFinance’s best sovereign bond award
in 2013. The deal created a lasting benchmark for other Mexican
issuers, and is one the sovereign can tap over the coming
years. The borrower has already reopened the bond, increasing
the note by $1.5 billion in one of 2013’s first
In June of last year, Mexico sold a ¥80 billion ($1
billion) three and five-year Samurai issue.
"We were the only triple-B rated borrower to issue without
JBIC guarantee," head of public credit at Mexico’s
ministry of finance...
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