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IFR Mexico Roundtable 2016

IFR’s Mexico Capital Markets Roundtable was held in Mexico City on November 5 2015, near the end of a rocky year for emerging markets and about a month before the much-anticipated interest rate hike in the US, which was expected to bring more troubles for the asset class.

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IFR Mexico Roundtable 2016: Participants

Nathan Moussan Actinver Casa de Bolsa Nathan Moussan is head of corporate and investment banking at brokerage Actinver, where he is responsible for developing funding strategies for existing and prospective issuers in the local debt capital markets. He has worked with a wide range of products including loan facilities, real estate investment trusts (Fibras) and equity certificates (CKDs). Carlos Garcia Moreno America Movil Carlos Garcia Moreno has served as chief financial officer at America Movil since 2001. Prior to joining the telecoms...

IFR Mexico Roundtable 2016: Part 1

IFR: Welcome to IFR’s Mexico Capital Markets Roundtable. This has been a tough year for emerging markets and, in particular, Latin America. A precipitous decline in commodity prices, corruption scandals in Brazil, weaker local currencies, slower growth in China and the prospects of the first rate hike in the US for nearly a decade have all combined to create a perfect storm for the region. Against that backdrop, cross-border bond volumes have dropped dramatically. And while Mexico has been seen as one of the brighter spots in the EM universe,...

IFR Mexico Roundtable 2016: Part 2

IFR: What about the cost of funding in the local markets versus what you can get abroad in dollars? Garcia Moreno, America Movil: We did have a bond transaction this year which was for our cell tower company Telesites, or Opsimex as the operating company is called. We looked at the price of funding abroad and in Mexico. We got an investment-grade rating for the company. It was limited: a Triple B. But it makes a lot of difference in the Mexican case, because it opens more doors to funding than if you are not investment-grade internationally. At...

IFR Mexico Roundtable 2016: Part 3

IFR: Have they issued any CerPis yet? Diaz de Leon, Ministry of Finance: No. The two vehicles were announced at the same time. The regulation of the Fibra E has already been published. The CerPi will be published in a few days. Caraveo, Pemex: For us the CerPi will be like an MLP warehouse. You have the Fibra E story, which will be focused on brownfield projects. The other will be for greenfield. That is going to be for private investors that want to be part of the energy revolution in Mexico. They can co-invest with Pemex or somebody else....