The Ps22 billion ($1.2 billion) America Movil local-currency bond – underwritten by BBVA, Citigroup, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley and Santander that the firm sold on June 27 – exhibited many of the trends seen in Latin America’s debt capital markets this year.
It was local currency – clearly a theme when around $13 billion-equivalent was issued from Latin American issuers in the international markets in the first half of this year.
It was over-subscribed – and saw solid ‘traditional’ execution, where the underwriters tightened primary pricing throughout the marketing phase, and it continued to narrow in the secondary market.
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