Mexico Eyes Asia, Europe

Mexico is considering issuing in yen and/or euros to wrap up this year’s financing plan. “We’re looking at how things develop in Japan, potentially to go back there,” Mexico’s head of public credit Gerardo Rodriguez tells LatinFinance. UMS has $1bn left to raise in 2010. While Mexico would prefer to issue unguaranteed in the yen market, Rodriguez says the Japanese market is not quite there yet. Nonetheless, a yen deal is possible for Mexico by the end of the year. He adds that the European market also looks attractive. Since the success last week of Vale in euros and sovereigns earlier in the year with yen, bankers have been eagerly pitching the currency to clients. Issuers and bankers in Cancun for the IDB say both are a viable option, but much will depend on pricing versus other options like dollars.