AMX Opens Up Swiss Investor Base

America Movil, LatAm’s biggest wireless-phone carrier, has raised CHF230m ($215m) in 5-year money via its first sale in the Swiss market. The deal raised CHF30m more than expected and priced at 100.547 with a 2.250% coupon to yield 2.130%, or mid-swaps plus 65bp. Pricing is in line with a 2.25% indicative coupon given Tuesday. A banker on the deal notes the debut was well oversubscribed, but declines to specify an amount. “AMX’s Swiss bond issue appears to be cheap funding, which makes financial sense,” says Barclays in a report. Credit Suisse and BNP Paribas managed the sale. AMX, rated A3/BBB+/A minus, is planning issuance in several markets this year after a blowout MXP15bn peso issue last week. It also wants to do a dollar tap by the end of the year. Separately, America Movil says it plans to increase by MXP50bn its share buyback fund. The board will submit a proposal to shareholders by April 30.