In a Class of Its Own

In a Class of Its Own


Mexico notched up a remarkable number of firsts in the markets last year. It was the first emerging markets borrower to issue bonds with collective action clauses, it retired its remaining Brady bonds, placed its first 20-year peso-denominated bond, and found buyers for its euro-denominated paper among non-emerging market investors. The sovereign also was the world's leading emerging market bond issuer in 2003. In recognition of these successes, LatinFinance has named the United Mexican States as Sovereign Issuer of the Year. These achievements are the result of years of hard work needed to win a consensus investment grade rating, the only country in Latin America apart fr

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