América Móvil sacrifices size for aggressive pricing
In a favourable market, Mexican telecoms company América Móvil had to reduce the size of a planned bond issue on Monday after receiving only £400m of demand for a sterling tranche it had announced at £500m. The euro tranche was priced at the target size of €750m.
Having announced the sizes boldly as a €750m no-grow 10 year and a £500m no-grow 20 year, the A2/A-/A- rated company reduced the sterling tranche to £300m.It was priced in line with the initial price thoughts at 170bp over Gilts, while the euro tranche came at 135bp over ...
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