| | |  Business News | December 2008 
Mexico Bond Buyback Fails as Officials Reject Offers
 Valerie Rota - Bloomberg
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Mexico’s bid to buyback as much as 15 billion pesos ($1.1 billion) of bonds flopped as the Finance Ministry refused to buy at the above-market prices investors offered.
Bonds pared gains after the failed auction, which undermines the government’s efforts to hold down borrowing costs amid the global financial crisis. Yields on the government’s 10 percent securities due in 2024 fell one basis point, or 0.01 percentage point, to 8.97 percent at 2:53 p.m. New York time, after having fallen earlier to as low as 8.82 percent. The bond’s price rose 0.09 centavo to 108.71 centavos per peso, according to Banco Santander SA.
Investors offered to sell 8.6 billion pesos of the government’s 8 percent bonds due in 2013, according to results on the central bank’s Web site. They offered 10.3 billion pesos of 9.5 percent securities due in 2014 and 5.8 billion pesos of 8 percent bonds due in 2015.
To contact the reporter on this story: Valerie Rota in Mexico City at vrota1(at)bloomberg.net. |
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