Mexico Issues Record $7.5 Billion Sovereign Bond to Fund Social Spending Ahead of 2024 Election
• Mexico is issuing $7.5 billion in new sovereign debt across 5, 12, and 30 year bonds, the country's largest bond issuance on record • The bonds are being issued to fund increased social spending by President AMLO in his final year in office ahead of June 2024 elections • The spending represents a shift from AMLO's past fiscal austerity and is driving up Mexico's fiscal deficit • The sale comes as Mexico is expected to see the largest increase in net debt issuance in the region this year • Banks including Barclays, Bank of America, and JPMorgan are running the transaction, which has seen $20 billion in orders