América Móvil pulls off €2bn drive-by hybrid, no yield tightening
América Móvil raised the substantial sum of €2.095bn of hybrid capital in euros and sterling today, without a roadshow, in another sign of the keen appetite for corporate credit, including hybrids. The deal will be particularly encouraging for other emerging market issuers, which have endured an arid patch in the bond market in the past two months.
It will also strengthen the spirits of Enel, the Italian power company that held an investor call this morning that is widely seen as preliminary to a launch of the European tranches of its hybrid capital issue, postponed in June.
América Móvil considers itself – and is considered
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