Mexico is to launch a 30-year local-currency denominated bond before the end of the year as part of a strategy to move more of the country’s debt into the domestic market. Borrowing in local currency rather than foreign currencies will lower the country’s costs. Since 1995 Mexico has reduced its foreign-currency debt as a ratio of GDP from 32% to its current low of 8%. The sovereign is likely to issue around $90 million worth of the bond each year, according to deputy finance minister Alonso Garcia Tames, and will target Asian investors in particular.
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