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An emerging market country issues lots of century bonds – reason to worry?

Last week BBB rated Mexico issued a 100 year bond denominated in US dollars.  It was originally supposed to be a $500m issue, but as is typical in any EM bond issue at the moment, the book soared to almost $3bn so the government decided to take advantage and make it a $1bn issue.  It was issued at a price of 94.3, which meant it had a yield to maturity of 6.1%, or 2.35% more than a 30 year US T…

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