DEAL OF THE YEAR: Sovereign Issuer/Sovereign Bond

DEAL OF THE YEAR: Sovereign Issuer/Sovereign Bond

Mexico Bonds Corporate & Sovereign Strategy

The past year will not be remembered as the most active for sovereign issuance in Latin America: the region’s major borrowers have increasingly eschewed external capital raising in favor of liability management. Yet over this period, Mexico has once more established its position as Latin America’s most sophisticated borrower – not least via four key transactions in 2012. As Alejandro Díaz de León, the country’s head of public credit, puts it: “Last year was very important in terms of issuance.” Over the course of the year, he notes, the sovereign added two key points in its yield curve, undertook a key liability management exercise and also issued a first-of-its-kind Samurai bond witho

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