(Reuters) - Mexican telecommunications giant America Movil (NYSE:AMX) is looking to increase the percentage of its debt held in pesos, Chief Financial Officer Carlos Garcia Moreno said on Wednesday.
Speaking at an event with Mexican stock exchange BIVA in New York, Garcia Moreno said the company was looking to prioritize peso-denominated bonds over any other currency.
The company announced earlier this year the launch of a 130-billion peso ($7.43 billion) debt program over the next five years. The global peso-denominated notes will be issued simultaneously in Mexico and the U.S., Garcia Moreno said.
"We're looking basically at the five- to 10-year spectrum," the executive said of the planned maturities for the bonds, adding that notes with maturities of more than five years would be sustainable bonds.
The global notes now have eight underwriters which will also act as market-makers, Garcia Moreno said. An accompanying presentation showed BBVA (BME:BBVA), HSBC, Inbursa, Santander (BME:SAN), Citi, Goldman Sachs, JP Morgan and Morgan Stanley as participating.
"We want the bonds to reach a minimum of 20 (billion) to 25 billion pesos (each)," Garcia Moreno said.
He added the firm expects up to three bond issues, including re-openings, per year through the program.
($1 = 17.5043 Mexican pesos)