Mexico has long been one of the most innovative sovereign issuers when it comes to liability management. Now, the sovereign has become the first developing nation to sell warrants, allowing investors to exchange foreign debt with local.
Three warrants were sold in all, for $65 million, each one to international investors. And each warrant granted the holder the right to tender Mexican dollar-denominated debt in return for a peso-denominated Bono.
The $2.5 billion deal, lead managed by Credit Suisse and JPMorgan, is extremely clever on many levels.
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