Japan yield chasers, A3 rating help Mexico exit GATE with Samurai

By Oliver West
17 Jul 2014

Mexico issued its first Samurai bond without the assistance of the Japan Bank for International Co-operation (JBIC) in 14 years on Tuesday, breaking pricing and maturity records.

Bankers on the deal hailed the trade as an example of how an EM borrower can use the GATE programme — through which JBIC guarantees or invests in Samurai bonds — to reintegrate itself with Japanese investors. Before this deal, Mexico had followed JBIC-guaranteed deals in 2009 ...

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