Gridlock in the Bond Market

Gridlock in the Bond Market

Mexico

For years, Enrique Coppel, who runs a popular family-owned Mexican chain of clothing and furniture stores, was exasperated by banks that seemed to thwart instead of help his company's expansion plans. Trying borrow money felt like begging, and even when the company succeeded in getting a loan, it was invariably expensive and too short-term. "In Mexico you can't work with the banks," says Coppel. "Every year the bankers start from zero in terms of reviewing your information. You cannot count on them." The retailer Coppel was among dozens of Mexican companies to issue bonds in the local market

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