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 LatAm deals.
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
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