SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Mexico agreed to repurchase $701mn in outstanding 2023s and 2040s, financed by the proceeds from Tuesday’s $2.5bn new 20Y bond issue at a yield of 4.285%, or T+205. In the buyback, Mexico seeks to repurchase $158mn in 6.75% 2034s and $143mn in 4% 2023s. Mexico also agreed to buyback $57.9mn in 3.6% 2025s, $10.9mn in 3.9% 2025s, $51mn in 4.125% 2026s, $11.6mn in 4.5% 2029s, $63.4mn in 4.75% 2032s and $7.45mn in 6.05% 2040s. Payments range from $1,302 for every $1,000 in 2034 bonds to $1,086 for the 2023s. The deal is expected to settle on April 9. BBVA, Bank of America, Credit Suisse and JPMorgan were the deal managers of the buyback.

Mexico´s bonds were slightly up, its 4% 2023s up .29% to 108.366%, yielding 0.59% and its 7.75% 2031s up .76 to 108.621, yielding 6.58%.

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