Mexico becomes first Latin American sovereign to sell Formosa

摘要

The UNITED MEXICAN STATES capitalised on appetite for long debt, along with robust Taiwanese demand, with its first Formosa bond offering. The debut note logged a series of firsts, including the first SEC-registered Formosa deal, and first sovereign bond from the region. Mexico, rated Baa1/BBB/BBB-, on Monday sold US$3bn of 50-year SEC-registered bonds at par, to yield 3.75%, inside initial price thoughts of the 4.15% area. The deal was priced inside the sovereign's conventional dollar curve, according to one of the leads who estimated fair value at 3.8%.