AMX Keeps it Short with FRN

Sep 6, 2013

Mexico’s America Movil (AMX) has raised a $750m floating-rate bond, popping out ahead of US payroll data and days after a $2.77bn 60-year hybrid sale in Europe. The Mexican telecom returned for a 3-year USD offering aimed at investors keen on FRN exposure and perhaps looking for protection against an expected rise in UST yields. The 2016 priced at par with a coupon of 3-month Libor+100bp, flat to 100bp guidance and low-100s initial price talk. “The transaction...

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