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Finance Ministry Sells $7.5B in Bonds, USDMXN Edging Higher

MEXICO
  • Mexico initiated 2024 emerging-market sovereign bond sales with a deal which was the largest on record ($7.5 Billion) for the country. While sentiment across global markets was negative, orders for the deal had reached $20 billion, people with knowledge of the deal said. The bonds priced at 115, 215 and 235 basis points over Treasuries, respectively, one person said, as pricing tightened from initial guidance. Full pricing details via Bloomberg here:
  • $1b 5Y Fixed (May 7, 2029) at +115
    • Guidance +115#, IPT +130 area
  • $4b 12Y Fixed (May 7, 2036) at +215
    • Guidance +215#, IPT +240 area
  • $2.5b 30Y Fixed (May 7, 2054) at +235
    • Guidance +235#, IPT +255 area
  • USDMXN continues to edge higher in line with the broad greenback strength. Despite spending the majority of the overnight session consolidating back above the 17.00 handle, the pair has edged to fresh session highs in recent trade around 17.0750. Initial firm resistance remains further out at 17.5653, the Dec 5 high.
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