AMX Returns for Well-Bid Global Peso Retap

America Movil (AMX) has raised MXP7.5bn ($587m) in the first reopening of its peso-denominated 2022 Titulos de Credito Extranjeros securities, with order books topping MXP17bn. Keeping in line with intentions for regular issuance of the MXP-denominated securities sold seamlessly to international and domestic investors, the Mexican telecom has now built up the total size to MXP22.5bn. AMX reopened the 6.45% coupon bonds at 105.129 to yield 5.76%, or Mbonos+75bp, the tight end of 75bp-80bp guidance that followed earlier 80bp-area whispers. According to market participants, the transaction offered 5bp concession to the 2022s, based on an Mbonos+70bp level prior to announcement. Demand was heard tilted to local investors – in contrast to the 80%-plus foreign portion of the original sale – with participation seen from institutional, Afore, insurance and asset management accounts. The issuer had filed to issue up to MXP15bn and was heard looking to get MXP5bn-MXP10bn. America Movil plans to issue every quarter, and foresees its next issuance to be MXP3bn-MXP5bn size. Proceeds from the notes will be used for general corporate purposes, including debt refinancing. 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. BBVA Bancomer, Banamex and Credit Suisse managed the reopening, with HSBC, Deutsche Bank, Morgan Stanley acting as passive bookrunners. The original sale in November raised MXP15bn, pricing at a 6.45% yield, or Mbonos+93bp, and getting more than MXP50bn in demand.