Mexico said it succeeded in buying back $2.8 billion of its dollar debt last week, exchanging it for longer-term debt and cash. The sovereign used $2.39 billion of its reopened global 2034 dollar issue as well as $405 million in cash to buy back less liquid dollar paper from five issues maturing 2019 to 2033. Mexico achieved a yield of 6.27% on the newly issued 2034s, the lowest yet for such a maturity, and takes those globals outstanding in the market from $1.5 billion to $2.8 billion. Barclays Capital and Morgan Stanley managed the sale. According to the government, the swap reduces Mexico’s foreign debt by around $500 million.
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