América Móvil cheapens €2.2bn exchangeable

By Aidan Gregory
24 Feb 2021

América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake.

The three year bond is the largest equity-linked deal seen globally this year, according to Dealogic data.

Citigroup was the global coordinator. Bank of America and Barclays were bookrunners.

After an accelerated bookbuild on Tuesday, the zero coupon bonds were priced at 104.75, implying a negative yield to maturity of minus 1.53%. ...

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