November 1, 2013
By Katie Llanos-Small and Taimur Ahmad
Mexico’s state-owned oil company Pemex marked a turning point for Latin borrowers in September when it succeeded in selling a peso-denominated global depository note.
It was the first such local currency instrument sold since the bond market re-priced spectacularly in May and June, on expectations of tighter global liquidity.
“We were able to issue this local bond, even though the market was in a very complicated situation,” says Rodolfo Campos, Pemex’s treasurer.
The oil giant raised 10.4 billion Mexican pesos ($818 million) by selling the GDN. Investors bought the b
In the wake of a brutal sell-off, investors are rushing back to local currency emerging market debt. But this time, the bet is no longer one way