Best corporate borrower – Latin America

Pemex

With Latin American economies booming and fiscal policy across the region generally sound, the largest issuers, especially Mexico, are barely to be seen in the international capital markets any more.

But Mexico’s fabulous fiscal situation is a bit of a fiction – it has got to it only by taxing state oil company Pemex at stratospheric rates. Mexico is essentially passing its borrowing needs on to Pemex. Pemex, in turn, has become the latest darling of the capital markets.