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Bond Market News
Mexico Prepays Dollar Bond Due 2025
June 13, 2024
Mexico prepaid its dollar bond due 2025 with an outstanding amount of $894mn, as part of its $4bn refinancing being conducted this year. This comes amid the sweeping victory of President-elect Claudia Sheinbaum and the Morena Party earlier this month. Following the election, Bloomberg notes that investors were concerned that the government may quickly move forward with reforms that are perceived to weaken the power of institutions. Besides, Bloomberg also noted that the prepayment would also help contain volatility that could arise from statements by Sheinbaum on the economy being solid. The Mexican Deputy Finance Minister also said that they will refinance local debt due next year and were monitoring financial operations that benefit liquidity. The Mexican Peso has fallen by ~10% this month, following the elections.
Mexico’s dollar bonds were trading positive, with its 5% 2029s up 0.4 points to 97.55, yielding 5.58%.
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