UMS Boosts Benchmark Liquidity With Taps

Despite concerns that it may have overpaid slightly, Monday’s comeback complements Mexico’s strategy of maintaining a regular presence in the dollar market to strengthen benchmark bonds. “It was a very good transaction for us,” Mexico’s head of public credit, Gerardo Rodriguez, tells LatinFinance. “In terms of yields this is near the lowest we’ve seen for our bonds,” he adds. Rodriguez says the transaction capitalizes on the recent passing of fiscal reform in Mexico and subsequent Fitch upgrade to BBB+. According to Rodriguez, the offer came “well inside higher rated US corporates,” on strong demand and a high quality order book.