January 1, 2013
By Ben Miller
Latin America’s blue-chips have for many years found international investors receptive to local currency bonds, although liquidity concerns have tended to limit such sales. At the same time, the number of domestic investors with appetite for local currency has been growing across the region.
Mexico’s América Móvil, a capital markets pioneer with several regional firsts under its belt, wanted greater – and regular – issuance in pesos, following the integration of its Telmex assets. It had already issued offshore global local currency-denominated bonds. Pemex and Peru had sold global depositary notes (GDNs) that allowed the same bond to be sold, via special certificates, to f
América Móvil has added yet another capital markets first. Its CFO explains the creation of a new global-local security sold domestically and abroad — without the need for global depositary