America Movil to Attempt Local Bonds

America Movil plans to tap Mexico’s DCM market for up to MXP2.5bn fixed and floating-rate bonds. In an offer tentatively set to price November 4, it aims to sell up to MXP1.25bn in 2018 fixed-rate notes and up to MXP1.25bn in 2010 floaters. The blue chip mobile phone operator controlled by Carlos Slim plans to use proceeds for working capital. Inbursa and BBVA are managing the sale. In early September, America Movil priced MXP3bn in 2013 notes at Cetes plus 55bp, and MXP2.1bn in UDI-denominated 2013s at 4.1%.