Mexico Eyes Local Syndicated Debt Sale

Mexico’s government has laid out Q3 borrowing plans, which includes a syndicated sale of 5-year MBonos. The government has not provided specific details on the 5-year sale, done in a format used for the first time this year in MXP25bn 10-year Mbono and MXP10bn 30-year Udibono sales. The size is expected to be comparable to the first 2, and government officials have indicated September as the likely issue month. Also, the issuer is increasing amounts to be sold in certain Mbonos done through regular periodic auction, with the 10-year increased by MXP500m, to MXP7bn, the 20-year by MXP500m to MXP4bn, and the 30-year by MXP500m to MXP3.5bn. Mexico will cut the amount of 5-year Bondes D by MXP500m to MXP1bn.