(Bloomberg) — Mexico kicked off 2024 emerging-market sovereign bond sales with the largest deal on record for the Latin American country.
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The nation raised $7.5 billion with the sale of benchmark global dollar notes due in five, 12 and 30 years, according to people with knowledge of the matter, who asked not to be identified because they’re not authorized to speak about it.
While sentiment across global markets was negative, orders for the deal had reached $20 billion, the people said. The bonds priced on Tuesday at 115, 215 and 235 basis points over Treasuries, respectively, the people said, as pricing tightened from initial guidance.
President Andres Manuel Lopez Obrador is ramping up spending in his final year in office, racking up the nation’s largest fiscal deficit since 1988 as he increases cash aid programs and seeks to finish landmark projects ahead of June elections. It’s a shift from his usual…
