On Friday, September 10, 2021, Justin Villamil editorialist for Bloomberg said that economic growth is bouncing back in Mexico
(Bloomberg) — As Mexico’s economy rebounds from its biggest recession in almost a century, investors are piling back into the debt of the worst affected companies, in the worst affected industries.
Defaulted bonds sold by hotel chain Grupo Posadas SAB, broadcaster TV Azteca SAB and flagship airline Grupo Aeromexico SAB are all among the top ten returning notes over the last three months, landing investors gains of at least 13%.
Each company is benefiting from the turnaround of Mexico’s fortunes, driven mainly by an economic boom in the U.S., the nation’s biggest trading partner. The defaulted debts are spearheading a rebound across Mexican corporate bonds, which have returned 3.3% on average over the past three months, according to Bloomberg’s emerging-market bond index. That’s the fourth-best return in the index, handily outstripping the 1.7% average gain.
“The situation that we’re seeing right now is above the most optimistic scenario we expected during 2020,” said Luis Gonzali, a senior portfolio manager at Franklin Templeton in Mexico City. “We see a strengthening of fundamentals for most Mexican corporate bonds.”
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