No easy way out for Mexican firms

Corporate losses on foreign-currency hedging deals are resolvable but the road to agreement is difficult.

One year on and some of the Mexican corporates that made big losses from bad bets in the foreign-currency derivatives market can finally see an end to their saga. One of them is Gruma, the country’s biggest maker of corn flour, which lost Ps11.2 billion ($847 million) from these trades after the peso plunged in value.

Last month the company signed deals with Royal Bank of Scotland and Standard Chartered to unwind a total of $36.8

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