September 1, 2001
There is no longer any question that Mexico is in a different league from the rest of Latin America. How else to explain the sovereign's raising $1.5 billion with a 30-year global bond issue placed in a matter of hours by joint leads Goldman Sachs and Salomon Smith Barney in early August?
As Latin issuers continue to take the heat from Argentina's slow-burning crisis of confidence, Mexico was able to attract $3 billion in orders from more than 150 US high-grade investors, locking in pricing of only 335 basis points over comparable US Treasurys. "The very strong performance [the bond] has demonstrated since pricing is the clearest evidence to date that Mexico has decoupled further from
With its lightning-fast bond issue in early August, Mexico seized on a hot investment grade bond market and succesfully tapped into taht strong demand.