North America: Mexico
Latin America: Brazil
Mexico receives the award for best North American sovereign borrower this year largely because of its continued success in differentiating itself from the rest of Latin America. It is no longer possible to compare directly the borrowing strategies of the United Mexican States and the Federative Republic of Brazil: their investor bases, financing needs and debt dynamics are so far apart as to make choosing between them pretty well impossible.
Certainly, in terms of the professionalism of their respective debt teams, both are world-class.
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