DEAL OF THE YEAR: Corporate Issuer, Local Currency Financing, Trade Financing

DEAL OF THE YEAR: Corporate Issuer, Local Currency Financing, Trade Financing

Mexico Bonds Structured Finance Corporate & Sovereign Strategy

Mexico’s state-owned oil producer, Pemex, has long enjoyed one of the largest followings in the dollar market among LatAm issuers. In 2012, it took advantage of the country’s improving economic outlook, while providing emerging market investors and crossover buyers around the world with access to the Mexican story. With an expansive capital expenditure programme targeted at exploration and oil production, Pemex has had to make frequent visits to the debt capital markets while looking for novel ways to tap sources of funding that offer cost savings versus dollars. It capped off the final months of 2011 with the region’s first cross-border bond sale in more than a month, making an opportuni

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