America Movil Hits Local Size Target

In a tough local market, blue chip Mexican issuer America Movil has priced MXP2.5bn in 2018 bonds at 8.11%. The maximum amount was reached at an auction yesterday and the coupon compares to the America Movil 8.46% of 2036 and 9% of 2016. Proceeds from the AAA locally-rated deal will go towards general corporate purposes. The offer is the fourth under a MXP10bn shelf filed last year. Inbursa, Banamex and Santander managed the sale.