Sticky Money for Mexico

Sticky Money for Mexico

Mexico

Mexican public credit officials and investment bankers from Citigroup and Deutsche Bank crisscrossed Europe last May and detected demand among institutional investors for a large, liquid, non-dollar global benchmark bond. The two financial teams called on 45 clients in seven cities in a three-day blitz that stretched from London to Munich to Madrid. The intensive pre-deal roadshow was critical to the success of the sovereign's €750 million, 10-year global bond in June, which allowed Mexico to raise money for the same low price it would have paid in the dollar market. This was quite an achievement, since euro investors have traditionally won richer yields than those available

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