(Bloomberg) — America Movil SAB is considering to issue euro-denominated debt to take advantage of lower rates as part of its refinancing efforts, chief financial officer Carlos Garcia Moreno said.
“We haven’t done anything in the euro market for a long time and potentially that would make sense now that rates are low,” Garcia Moreno said in an interview with Bloomberg News. “We do have a little bit of exposure to euros today. So from that perspective, it could make sense to maintain the currency exposure.”
The euro has surged this year as investors seek an alternative to the dollar amid uncertainty caused by US President Donald Trump’s tariff policies. Emerging-market borrowers have rushed to tap the euro bond market, capitalizing on rising demand from investors looking to diversify away from the US dollar.
Future euro bond sales would be part of the company’s refinancing strategy, Garcia Moreno said. America Movil has euro debt coming due in 2026, 2027 and 2028, according to data compiled by Bloomberg. Its net debt stood at 472 billion pesos ($25.4 billion) at the end of June, including 2.8 billion in euro-denominated bonds, according to the company.
The Mexican media conglomerate controlled by billionaire Carlos Slim has been a regular issuer of peso-denominated bonds in recent years, according to data compiled by Bloomberg. America Movil will continue to weigh more peso issuances, taking advantage of the recent growth in the local debt market, Garcia Moreno said.
Borrowing debt in local currency can be cheaper for the company, Garcia Moreno said. “We will continue to be open to raising in other markets, but we’ll give some preference to the Mexican peso market,” he said.
The company last month raised 15.8 billion pesos in a reopening of senior notes due in 2029, 2031 and 2034. The transaction attracted an aggregate amount of 15.5 billion pesos, with notes outstanding under its global peso program now totaling 70 billion pesos, America Movil said in a statement. It also sold $500 million in dollar-denominated debt in June.
–With assistance from Andrea Navarro.
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