Playing Hard to Get

Playing Hard to Get

Mexico

América Móvil, Latin America's largest wireless telephone company, made a spectacular debut in the international bond market in March, when it issued a $1.3 billion two-tranche bond. This was the largest corporate bond issue ever by a Latin American corporate issuer and the largest ever for a privately owned emerging markets issuer. América Móvil has proved masterfully patient, both as an acquirer of wireless assets in Latin America and as an issuer of debt. Gabriel Bochi, head of Latin American debt capital markets at JP Morgan, says, "It really paid off to be patient. They clearly picked the bottom of the Treasury market in spreads." Carlos García-Moren

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