Debt news: AMX debt spree

Sep 25, 2013

Borrowers have lunged at bond markets before and after a summer hiatus, eager to raise cash while it’s available. In need of acquisition funds, América Móvil has been particularly active

By Mariana Santibáñez

Numerous borrowers raced to the dollar bond market in the first weeks of September, anticipating a potential wind-down of quantitative easing by the US Federal Reserve and ending a typically quiet August. DCM bankers hoped for a busy second-half of September, although that would depend on whether LatAm issuers view borrowing costs as still attractive as the yield on the 10-year US Treasury approaches 3%. Investors have been pulling money from bond funds, yet any stabilization in Treasury yields could drive a rebound in appetite for issuance. Mexican issuers reopened the bond market in July after a bout of volatility, playing an active role in an otherwise quiet period. América Móvil has been particularly active, tapping European markets in July to raise $1.4 billion-equivalent with a sterling and euro-denominated bond....

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