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Corporate bonds pick up on recovery prospects


Televisa icon Broso: top name Mexican
companies will lead the way

Of all the international businesses that suffered the after-effects of the September 11 attacks, those in Mexico were among the most affected, given strong ties to the US economy. The Latin American bond market was also caught in a downdraught. It effectively closed to new issues amid a global economic slowdown, making it more expensive for companies to raise money.

Now, some six months on as the US and Mexican economies show signs of strengthening again, Latin America's capital markets also appear to be slowly coming back to life.

"The outlook is good for Mexican corporate bond issues. The market is becoming much more receptive," says Walter Molano, head of emerging-markets debt research at BCP Securities.

Mexican media empire Televisa shook off the inertia of 2001 last month with the country's first corporate bond issue of the year.