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America Movil Sells $2 Billion in 2-Part Bond Deal -Source

By Patrick McGee America Movil SAB de CV (AMOV) sold $2 billion of bonds in 10- and 30-year maturities Monday, according to a person familiar with the deal. The Mexican wireless services provider sold $1.25 billion of 3.125% coupon, 10-year bonds at a yield of 3.185%, or 1.68 percentage points over Treasurys, and $750 million of 4.375% coupon, 30-year bonds at a yield of 4.482%, or 1.88 points over Treasurys. The bonds have provisional ratings of A2 from Moody's Investors Service, A-minus from Standard & Poor's, and A from Fitch Ratings, reflecting some of the highest ratings on a pure corporate bond in Latin America. Bankers familiar with the transaction said orders were heavily driven by U.S. investment-grade accounts, which are increasingly looking at bonds from high-quality foreign companies as a way to pick up extra yield. The bankers said America Movil stacks up favorably against better-known companies like AT&T Inc. (T) or Vodafone Group (VOD) in terms of better margins, better growth, and less leverage. Yet AT&T 10-year bonds, which carry the same rating from all three ratings firms, last traded at a yield of 2.52%, according to MarketAxess. That means America Movil investors can pick up 66.3 basis points of extra yield on 10-year paper, without moving down the credit spectrum or taking on currency risk. When the company last sold 10- and 30-year U.S. dollar bonds, in March 2010, it paid coupons of 5% and 6.125%, according to Dealogic. Morgan Stanley and Goldman Sachs were lead underwriters on the deal, with support from Citigroup, Mitsubishi UFJ, and Mizuho. Write to Patrick McGee at patrick.mcgee@dowjones.com

Stock News for America Movil (AMX)
DateTimeHeadline
07/21/201418:03:34ADR Shares End Mixed; Philips Shares Trade Actively
07/14/201419:30:42America Movil Secures Majority Stake in Telekom Austria
07/09/201417:30:46ADR Shares End Higher; America Movil, Teva Shares Trade Actively
06/30/201417:04:08ADR Shares End Mixed; Philips, America Movil Trade Actively
06/27/201418:49:40Slim to Buy Back America Movil Stake from AT&T
06/27/201418:48:41Carlos Slim to Buy Back 8.3% America Movil Stake from AT&T
06/17/201406:22:21Telekom Austria's New Ownership Structure Approved by Regulator
06/11/201418:22:03Ecuador to Begin 4G Mobile Spectrum Talks With Private Operators
05/19/201410:47:33America Movil Shares Fall Sharply as AT&T to Sell Stake
05/15/201408:39:20America Movil Publishes Takeover Offer for Telekom Austria
05/13/201413:41:03Argentina Plans to Auction 4G, 3G Wireless Licenses
04/25/201407:17:59KPN Net Profit Down 98% -- Update
04/24/201407:55:12Brazilian Mobile Subscribers Up in March; Vivo and Tim Gain Share
04/23/201419:00:12America Movil to Make Bid for Telekom Austria -- Update
04/23/201418:10:30America Movil to Make Bid for Telekom Austria
04/23/201412:24:36Social Media Protests in Mexico Shape Telecom Bill
04/16/201417:10:07American Express Profit Rises on Higher Revenue
04/16/201416:40:51American Express Quarterly Profit Rises on Higher Revenue
04/01/201417:18:51ADR Shares End Higher; Anheuser-Busch InBev Shares Active
04/01/201400:00:47Regulators Cut América Móvil's Interconnection Rates

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