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LONDON -- The currency crisis in Mexico has left Eurobond investors stunned and darkened prospects for new debt issues across the emerging market sector, London analysts say.
"It's been a complete bloodbath, it's almost mindless," said Peter West, economic adviser at West Merchant Bank.
"Overall nervousness because of the Mexican situation has cast a pall over the outlook for the whole of the emerging market sector," added one emerging market official at a U.S. bank in London. "Because Mexico is very high profile, the seriousness of the situation is not being underestimated."
Eurobonds are the chief means by which borrowers obtain funds on the international markets. Mexico has been by far the biggest emerging market issuer, launching $26.587 billion in international bonds since 1988, West Merchant Bank figures show.
No emerging market borrower worldwide has gone unscathed by the Mexican crisis.
Secondary debt prices across Europe, Latin America and Asia have collapsed and prospects for new Eurobond issues over the coming months have been virtually destroyed.
Peso Calamity Casts Pall Over New Markets Sector
12 January 1995
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