Mexico plans first Samurai bond issuance since 2024 with multi-part sale

Mexico is heading back to Tokyo’s bond market this week with a multi-tranche Samurai bond offering, its first yen-denominated debt sale since raising roughly $1.05 billion in August 2024. The deal could include as many as six separate tranches, with maturities stretching from 3.5 years all the way out to 20 years. What Mexico is selling and why it matters The Mexican Ministry of Finance and Public Credit, known by its Spanish acronym SHCP, is managing the issuance as part of the country’s broader external debt strategy. Initial price thoughts for the six-part transaction were circulated around August 23, providing the market with its first look at where yields might land across the maturity spectrum. Samurai bonds are yen-denominated debt instruments issued in Japan by non-Japanese borrowers, allowing foreign governments and corporations to borrow directly from Japanese investors in their home currency rather than forcing those investors to take on foreign exchange risk by buying dollar bonds. Mexico’s last foray into this market came in August 2024, when it sold a five-tranche Samurai deal totaling ¥152.2 billion, roughly $1.05 billion at prevailing exchange rates. That deal was i...