Mexico sells $1.5 bln 30-year bonds at record low rate
MEXICO CITY |
MEXICO CITY Jan 7 (Reuters) - Mexico issued $1.5 billion in 30-year dollar bonds at a record low 4.19 percent interest rate in its first foray into global debt markets in 2013, the finance ministry said on Monday.
Demand for the re-opening of the global bond, which matures in 2044, was for twice the amount on offer and 123 institutional investors participated, the ministry said in a statement.
IFR, a unit of Thomson Reuters, said demand came mostly from U.S. investors, citing a source close to the trade.
Investors have been drawn to Mexican stocks and bonds over the last year as growth in Brazil, the region's biggest economy, has slowed and Mexico's new government has promised a sweeping reform agenda in a bid to boost economic growth.
One of its key elements is a long-awaited fiscal overhaul, which is set to be presented to Congress in the second half of 2013, the government has said. A separate energy sector overhaul is set to be submitted to Congress in the first half.
Mexico has the lowest tax take in the Organisation for Economic Co-operation and Development and the centrist Institutional Revolutionary Party, or PRI, has pledged to make tax collection more efficient. (Reporting by Ana Isabel Martinez and Cyntia Barrera; Writing by Krista Hughes; Editing by Simon Gardner and James Dalgleish)
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