Sovereign Report

Sovereign Report


Mexican Brady Buy Back Mexico reopened its $1.5 billion, 10-year global bond offering in May, first launched January 8. The opening was for $1 billion and the proceeds were used to buy back $1.05 billion-worth of Brady bonds. The January offer was for $1.5 billion. The reopening was priced at 8.43%, the lowest ever for a Mexican 10-year issue. The original issue was priced at 9.95%. The Secretaría de Hacienda y Crédito Público, Mexico's finance ministry, says the buyback will save the government $60 million in future debt payments and frees up $475 million in collateral. In March, the Mexican government swapped $3.3 billion worth of Bradys for global bonds. JP Morgan ma

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