Category: Mexico

Dr. Guillermo Babatz will join the “Mortgage Insurance: The Next Step” workshop at LatinFinance’s Inaugural “Cumbre Financiera Mexicana”, which will take place on July 13-14 in Mexico City. Delegates will debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana.

Alejandro Schwedhelm will join the “Mexican Banking Sector: The Reemergence of Domestic Players” panel at LatinFinance’s Inaugural “Cumbre Financiera Mexicana”, which will take place on July 13-14 in Mexico City. Delegates will debate and discuss the challenges and opportunities presented by the ever-changing face of Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana

Mexico’s core inflation rate fell to 3.41 percent in May, the lowest rate since the central bank began calculating the index in 1983. The central bank has raised the benchmark loan rate in 12 of the past 15 months to 9.75 percent. Mexico’s $677 billion economy grew 2.4 percent in the first quarter, down sharply from the previous quarter, dragged by the interest-rate increases and lowered US demand for Mexican exports.

Edgardo Sternberg will join us on the “Mexico: Emerging or Converging Market” panel at LatinFinance’s Inaugural “Cumbre Financiera Mexicana”, which will take place on July 13-14 in Mexico City. Public and private sector leaders will discuss and debate the transition of Mexico — one of only three Latin American investment grade countries — from an emerging to a “converging” market. The “Cumbre Financiera Mexicana” is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.

Public and private sector leaders will discuss and debate Mexico’s need for infrastructure development, as well as the capital market’s role in financing such projects. The “Cumbre Financiera Mexicana” is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.

Mexico sold 750 million euros ($920 million) of 10-year bonds, seeking to raise funds to pay debt due in 2006. President Vicente Fox reiterated last week he would raise enough money this year to cover $3 billion of foreign maturities due in 2006, to avoid an increase in borrowing costs stemming from concern the next president, who will be elected next year, may boost spending. Mexico last tapped the debt market on May 17 with a 250 million 7-year Swiss franc note. Barclays and UBS managed yesterday’s sale. Moody’s rates Mexico’s debt Baa, three levels above junk.

Fomento Economico Mexicano (Femsa), the world’s second-largest Coca-Cola bottler, raised about $700 million after selling 130 million shares for $5.32 each. The company will use the money to pay off debt it took on last year when it bought back a 30 percent stake in its beer unit for $1.25 billion.

Public and private sector leaders will discuss and debate the transition of Mexico — one of only three Latin American investment grade countries — from an emerging to a “converging” market. The “Cumbre Financiera Mexicana” is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.

Mexican state-owned oil company Petroleos Mexicanos (Pemex) is considering opportunities to expand operations outside Mexico. Energy Minister Fernando Elizondo said the company is studying gas exploration projects in Peru and Bolivia and is looking to build a refinery in Central America, possibly in Guatemala. Pemex is benefiting from high oil prices and voracious demand from the US, but will likely have to issue more debt as it looks to expand production.

Alfa, Mexico’s second largest industrial company, will use $1 billion from steel asset sales to cut debt rather than boost dividends, company officials told investors in the US and Europe. Alfa recently agreed to sell its stake in steelmaker Hylsamex to Argentina’s Techint for $2.25 billion and its 4.5 percent stake in Venezuela’s Siderurgica del Orinoco for $107 million.