May 1, 2013
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
A growing number of Latin American borrowers are looking to Mexico’s debt markets – the most sophisticated in the region – to raise financing