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Prospects Daily: Mexico to issue bonds with new collective action clauses, German investor confidence rises first time this year, Indonesia hikes fuel prices by over 30%

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Financial Markets

Mexico is planning to sell at least $500 million dollar-denominated bonds as soon as today with new-style collective action clauses (CACs) that preventing holders with less than 25% of the country’s debt from blocking restructuring. Following Kazakhstan and Vietnam, it will be the third emerging-market county to adopt the issuer-friendly CACs designed to insulate from Argentina risk. Mexico’s move is viewed as especially significant as it is one of the biggest emerging-market borrowers in the international bond market.