AMX Closer to Global MXP Retap

America Movil (AMX) is readying a reopening of its peso-denominated Titulos de Credito Extranjeros, possibly pricing as soon as today. Recently filed regulatory documents indicated today as the target date, though going ahead with the retap depends on final regulatory authorization and acceptable market conditions. AMX can sell up to MXP15bn ($1.18bn) of the 6.45% 2022 securities seamlessly placed with both domestic and international investors. BBVA Bancomer, Banamex and Credit Suisse are leading the transaction, with HSBC, Deutsche Bank and Morgan Stanley as passive bookrunners. The original MXP15bn sale in December drew more than MXP50bn demand, with the bond pricing to yield 6.45%, or Mbonos+93bp. The senior unsecured bonds are SEC and CNBV registered, denominated and settled in MXP, and trade on a fungible basis in the international markets and Mexico. They are rated AAA on a national scale and A2/A/A minus internationally. Separately, America Movil indicated it will take part in the EUR3bn ($3.98bn) equity rights offering being prepared by Dutch Telecom KPN. AMX will subscribe its proportion of the equity rights offering, but not participate in the EUR1bn sale of hybrid debt. In return for its support, AMX will add two members to KPN’s supervisory board, with their appointments effective April 10. America Movil purchased 27.7% of KPN last year.