Asia-Latin America: Red herring?

Asia-Latin America: Red herring?

Asia Bonds

By Elliot WilsonWhen América Móvil took the plunge into China’s offshore renminbi-currency debt market this February, the world took notice. This, after all, was a hefty sale – and the first so-called dim sum bond issued by a Latin American corporate. Preparation for the sale, underwritten by HSBC Securities, had been faultless. The giant Mexican telecom operator, owned by Carlos Slim, ran roadshows the previous September in Singapore and Hong Kong. Investors were duly wowed, and América Móvil raised Rmb1 billion ($158 million) in three-year debt: a twice-oversubscribed sale with a coupon of 3.5% that compared favorably with a similar deal by China Development Bank, a major Beijing polic

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