The terminal is expected to be in use by 2020 and serve some 50 million passengers a year, twice the number that use the current airport. Supporting Law Firms: Jones Day Paul Hastings Cleary Gottlieb Ritch Mueller Hogan LovellsĪll supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners.MEXICO CITY - The architect Norman Foster and his associates have been tasked with designing Mexico City's new airport terminal, touted not just as visually spectacular but also hyper-environmental. Supporting Financial Institutions: Citi HSBC J.P. Overall, bondholders tendered $4.24 billion, representing roughly a 71% participation rate.Īward accepted by: Arturo Herrera, Secretary of Finance They tendered roughly $300 million each of the outstanding MEXCAT bonds due in 2026, 2028, 2046, and 2047. The accepted offers totaled $1.8 billion for a 42.7% participation rate in the transaction. Mexico’s benchmark stock index, as of late January, has just recovered the lost ground.Īfter bondholders pushed back at an initial offer to repurchase some of the bonds at a discount via a tender offer, the government set the price at par and moved forward. Local shares of Mexico City Airport Trust (MEXCAT) dropped nearly 10% in the time period from when AMLO made his announcement in late October 2018 through the acceptance of the consent solicitation and tender offer two months later. Instead of a new $13 billion airport, Mexico faced unwinding a massive amount of financing and risked a tremendous blow to the nation’s reputation as one of the more stable sovereign borrowers in Latin America, or the world, for that matter.Īnnouncing the deal’s cancellation sent a shock wave through global markets. When AMLO followed through, bondholders, bankers, lawyers and the citizens of Mexico floundered in unchartered territory. In 2018, when then presidential candidate Andres Manuel Lopez Obrador (AMLO) threatened to cancel construction of the long-planned international airport in Mexico City, bondholders expressed disbelief. Cancelling the project earmarked for those funds, then restructuring the debt without triggering a debt crisis that could have sunk the economy borders on extraordinary. Selling $6 billion worth of debt is no small feat.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |