The July follow-on issued by Mexico’s largest domestically owned financial group, Banorte-Ixe, can be viewed as a microcosm of the wider economy. Although almost exclusively a domestic Mexican business, and despite having to announce some short-term negative news, the company attracted international investors around the world. (Banorte’s exposure to the troubled, three-largest Mexican homebuilders was substantial but containable, at about 2.2% of its loan portfolio, and much of that exposure was secured against land values.
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