Local currency – Mexico: Closer to home

Local currency – Mexico: Closer to home

Mexico Bonds

By Mariana Santibáñez In early March, Chile’s Molymet issued in Mexico’s domestic debt capital market for the sixth time, selling a 10-year, 1 billion peso ($78 million) deal. The processor of molybdenum and rhenium has become a regular borrower in the Tequila market as it raises cash for its local subsidiary. Issuing there also helps it diversify its investor base in a currency that has a well-developed swap market, Jorge Ramírez, the company’s vice-president of finance, says. When it debuted in the market in October 2009, Molymet was just the second foreign corporate to do so. Spanish utility Iberdrola was the first, with a 10-year, 1.5 billion peso bond in 2008. Since then, the mark

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