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Mexico Hammers Out Euro Curve

Apr 10, 2013

Mexico has raised EUR1.60bn ($2.01bn) in its first euro-denominated bond sale since 2010, raising funds to buy back four series of illiquid euro debt. After waiting for the moment when the EUR trade became cost effective, the sovereign drew more than EUR4.5bn in orders and priced through its EUR curve. "This confirms that there exists in the international financial market a clear appetite for Mexican assets, and overall risk in the Mexican economy. It is the combination of two factors. First, that Mexico now has a stable economy with strong fundamentals in economic...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management