Mexico Lays out Borrowing Agenda

Mexico’s finance ministry is proposing to borrow as much as $7bn in the international debt markets and raise MXP415bn ($32.3bn) from the domestic market next year, according to a proposal it has sent to congress for approval. The government highlights the use of syndicated bond transactions on the domestic side, through which it has sold MXP84.4bn this year in 5, 10 and 30-year bonds. Internationally, it plans to evaluate several funding sources in addition to USD, it says, including the yen, euro, and British pound. Mexico has raised $4bn in the dollar bond markets in 2012, and also visited Japan for $1bn-equivalent. It last hit the Euro market in 2010, and has not issued in GBP since 2004, according to Dealogic data.