Mexico launches $2.5 billion of warrants

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A recent cross-currency exchange warrants transaction by Mexico could mark a shift to greater local currency issuance by emerging market bond issuers, say dealers. The three cross-currency warrants give investors the option to switch from existing dollar-denominated Mexican bonds into local currency-denominated notes – the first time an emerging markets sovereign issuer has used warrants to increase investment in its local bond market.

The $2.5 billion of warrants, issued on November 18, gives

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