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Free AccessFinance Ministry Offers New Dollar Bond While Buying Back Old Notes
- Mexico Offers New Dollar Bond While Buying Back Old Notes (BBG)
- Mexico is tapping sustainable international debt markets to help finance a buyback of some outstanding government notes.
- An initial price target (+265 Area) was set on Monday for new dollar-denominated bonds set to mature in 2033, which will be tied to the United Nations’ Sustainable Development Goals, according to a person familiar with the matter. The deal is expected to price today and details on the issue are here:
- $Benchmark Sust. Fixed (May 19, 2033) IPT +265 Area
- Exp. Ratings: Baa2/BBB
- Format: SEC registered, senior unsecured, sustainability bond
- 3-month par call, MWC
- Settlement: Aug. 19, 2022 (T+9)
- Denoms: 200k x 1k
- Bookrunners: BBVA, GS, JPM, Natixis
- Some proceeds of the sale will be used to help fund the redemption of all or part of its outstanding $1.7 billion in government notes due in 2025, the person said.
- Mexico is also offering to buy back 12 series of bonds due between 2034 and 2061 for cash from current holders, according to a Monday statement.
- Within the Bloomberg article, a BBVA strategist remarks that the Finance Ministry are taking advantage of being the first big issuer to come to market in what can typically be a month of thin liquidity. Additionally, BBVA note given the risk-on situation “they’re taking advantage of the spread compression”.
- It may be a welcome sight for some investors, who have seen a steep drop in Latin American government bond issuance this year, compared to 2021.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.