America Movil launches $2.25 billion of notes in line with existing valuation

By Rebecca Melvin

New York, April 15 – America Movil SAB de CV launched $2.25 billion of notes due 2029 and 2049, with yield spreads 20 basis points to 25 bps tighter than initial price talk, in line with existing notes and slightly wide to its global sector, according to market sources on Monday.

The deal for the Mexico City-based telecommunications company is Securities and Exchange Commission registered, and final pricing was expected to occur late Monday.

The $1 billion of 10-year notes launched to yield U.S. Treasuries plus 115 bps. That pricing was on the tight end of guidance for yield of Treasuries plus 120 bps, +/- five bps and initial price talk of Treasuries plus 135 bps area.

The $1.25 billion of 30-year notes priced to yield Treasuries plus 145 bps. That pricing was at the tight end of guidance for yield of Treasuries plus 150 bps, +/- five bps and initial talk at Treasuries plus 165 bps area.

Elsewhere in emerging markets debt, China Evergrande Group priced $1 billion of senior notes as add-ons (B2/B) to three existing tranches of debt priced last week.

The real estate development company priced $200 million additional of its 9½% senior notes due 2022, $400 million of 10% senior notes due 2023 and $400 million of 10½% senior notes due 2024.

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