Beyond Japan

Beyond Japan


When Mexican tortilla maker Gruma sold a $375 million perpetual bond last November, 42% of its investors were from Asia. That's remarkable given that Gruma – the world's No. 1 producer of corn flour and tortillas – is relatively unknown outside Latin America and the US. Gruma was able to develop a strong base of new investors from Hong Kong and Singapore. These investors, mainly private bank clients and Asian banks, were drawn by the hefty 7.75% coupon. That coupon must be paid for eternity unless, after five years, Gruma exercises its quarterly option to call the bond. But it wasn't the coupon alone that drew in buyers. These investors also showed that while th

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