America Movil prioritizing peso-denominated debt, CFO says (updated)

America Movil SAB de CV

06/09/2023 15:22

(Adds quotes from executive, background on debt offerings)
       Sept 6 (Reuters) - Mexican telecommunications giant
America Movil is looking to increase the percentage of its debt
held in pesos, Chief Financial Officer Carlos Garcia Moreno said
on Wednesday.
    Speaking at an event with Mexican stock exchange BIVA in New
York, Garcia Moreno said the company was looking to prioritize
peso-denominated bonds over any other currency.
        The company announced earlier this year the launch of a 
    130-billion peso
     ($7.43 billion) debt program over the next five years. The
global peso-denominated notes will be issued simultaneously in
Mexico and the U.S., Garcia Moreno said.
  
        "We're looking basically at the five- to 10-year
spectrum," the executive said of the planned maturities for the
bonds, adding that notes with maturities of more than five years
would be sustainable bonds.
  
    The global notes now have eight underwriters which will also
act as market-makers, Garcia Moreno said. An accompanying
presentation showed BBVA, HSBC, Inbursa, Santander, Citi,
Goldman Sachs, JP Morgan and Morgan Stanley as participating.
        "We want the bonds to reach a minimum of 20 (billion) to
25 billion pesos (each)," Garcia Moreno said.
  
        He added the firm expects up to three bond issues,
including re-openings, per year through the program.
  
        
  
    ($1 = 17.5043 Mexican pesos)
  

 (Reporting by Kylie Madry; Editing by Valentine Hilaire and
Andrea Ricci)
 ((Kylie.Madry@thomsonreuters.com;))