<b>High point for bond market</b>

January 01, 1999

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Deals of the year: Tech and telecoms illustrate the ups and downs of 2000 Author: Felix Salmon Issuer: United Mexican StatesDeal: sovereign bond AMount: e1 billionJoint bookrunners: Schroder Salomon Smith Barney, Credit Suisse First Boston         Freyne: "the perfect time to do a deal" Mexico’s e1 billion 10-year bond issue at the beginning of March marked the high point of the Latin bond market for the year. It brought the Mexican story to a whole new class of investors – European institutions – who were set to become increasingly important to Latin American capital markets as the appetite of the dollar markets for Latin debt dried up. It also paved the way for subsequent euro-denominated deals from Brazil, Uruguay and Mexican oil company Pemex. Mexican spreads were at their tightest at the beginning of March, when the bond was launched: Moody’s was about to give the country its long-awaited investment-grade credit rating, and volatility surrounding the presidential elections was still some way off.

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Banking