Mexico Proposes 415 Bln Pesos in Local Net Debt Sales for 2013

President Enrique Pena Nieto’s administration is proposing 415 billion pesos ($32.3 billion) of domestic debt sales next year, the Finance Ministry said today in the budget proposal sent to Congress.

The government will favor domestic sales to cover its financial needs and expects to carry out syndicated bond sales via auctions handled by the nation’s central bank, according to the ministry’s presentation published on its website.

Mexico will sell as much as $7 billion of debt overseas next year and will consider issuing bonds in currencies other than the U.S. dollar, the ministry said.

The government “will evaluate several financing sources, including the possible issuance of bonds in currencies other than the U.S. dollar, such as the yen, euro and sterling pound,” according to the proposal.

To contact the reporter on this story: Jose Enrique Arrioja in Mexico City at jarrioja@bloomberg.net

To contact the editor responsible for this story: Eric Martin at emartin21@bloomberg.net