The governments of Mexico and Barbados and a subsidiary of Brazilian meatpacker JBS descended on the US bond market on Monday to raise a total of $8.5 billion for liability management, according to a source familiar with the deals.
Mexico tapped the bond market for the third time this year to raise $4.5 billion in a two-part sale that was roughly 3.7 times oversubscribed, the source said.
The country priced $2.5 billion in 5.85% long seven-year bonds at 99.949 to yield 5.859%, or 175 basis points over US Treasuries bonds, after opening the initial price talk in the 210 basis points area. It also priced $2 billion in 6.625% long 12-year notes at 99.848 to yield 6.642%, or 230 basis points over Treasuries, after opening the deal at around 265 basis points, the person added.
Investors placed as much as $16.5 billion in orders, split between $8.5 billion for the 2036s and $8 billion for the 2038s, according to the…
