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Mexico City Airport Trust (Mexcat) offered an improved deal to bondholders this week as it seeks to make the documentation changes necessary to allow it to cancel its Texcoco airport project, but analysts said the new government has a long way to go before regaining the trust of markets. -
Bondholders were never going to be satisfied with Mexico’s new government after it cancelled the airport project in which they’d invested $6bn. But though the issuer’s tender offer and consent solicitation is unlikely to be the administration’s last squabble with markets, it is still a good sign.
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Mexico’s finance ministry showed it was willing to listen to investor concerns with a new improved tender offer from Mexico City Airport Trust (Mexcat), but for some bondholders at least it will not be enough to persuade them to participate.
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Paraguay wasp once again the rare consistent provider of good news for Latin America bond markets this week when it earned a credit rating upgrade from Fitch that puts it just one notch off investment grade status with three of the major rating agencies.
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A group of bondholders publicly opposing the proposal by Mexico City Airport Trust (Mexcat) to amend documentation in its bond documents now represents over half the issuer’s debt, according to the law firm representing them.
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Mexico City airport bondholders are right to turn their noses up at attempts to modify documentation. But though the issuer’s offer will not be the new government’s last squabble with markets, it is still a good sign.
