Mexico has become the latest emerging market sovereign to conclude a liability management exercise, saving some $55 million and helping to lower external debt as a proportion of total public debt from 33% to 28% by the end of the year.
Liability management has grown in popularity in recent years, thanks to relatively benign market conditions and emerging market economies’ improving fundamentals, which have allowed them to act more strategically than before.
Lebanon was one sovereign to take advantage of a period of greater confidence in its debt – at least before this summer’s conflict – successfully completing several liability management transactions.
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