Mexico's External Debt and the Return to Voluntary Capital Market Financing

Mohamed El-Erian

No 1991/083, IMF Working Papers from International Monetary Fund

Abstract: The paper analyzes the evolution of Mexico’s approach to commercial bank debt restructuring since the outbreak of the 1982 debt servicing problems. It discusses the key elements of the approach, their implementation, and their interaction with developments in the “international debt strategy.” It focusses, in particular, on factors contributing to the emergence of comprehensive market-based debt and debt service reduction operations. Together with the sustained implementation of appropriate economic policies, these operations have contributed to Mexico’s return to voluntary international capital market financing. The paper discusses the major aspects of this market re-entry process.

Keywords: WP; bank debt; interest rate; financing package; yield to maturity; bridge financing; cash flow; new money; debt-equity program; debtor country; bank financing package; fixed interest rate; debt problem; debt-equity conversion program; Bonds; Debt service; Debt reduction; Debt management; Debt service payments; Middle East (search for similar items in EconPapers)
Pages: 60
Date: 1991-08-01
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