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Apr-02-2009Mexico seeks $47 billion IMF credit line(topic overview)
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Mexico's benchmark IPC index.MXX rose 1.59 percent while Chile's blue-chip IPSA index.IPSA gained 0.62 percent. Although Mexico said it had no immediate plan to use the $47 billion IMF line, the nation's central bank is also activating a $30 billion swap line with the U.S. Federal Reserve to help companies refinance their debt. "It's a blitz campaign to get all these funds available as much as they need to improve confidence," said Siobhan Morden, emerging market strategist for RBS Greenwich Capital in Greenwich, Connecticut. "Clearly there is a dollar scarcity in Mexico and that places constraints on the currency and credit spreads," she added. Other Latin American currencies were supported by optimism about the U.S. economy. [1] Mexico has requested a $47 billion credit line from the International Monetary Fund and plans to use a $30 billion currency swap facility with the U.S. Federal Reserve to shield its economy from the global financial crisis.[2]
MEXICO CITY, April 1 (Reuters) - Mexico's central bank on Wednesday announced it had asked to tap a $47 billion International Monetary Fund credit line, the latest Latin American country to seek help from the multilateral lender in an effort to navigate the global economic crisis. The central bank said while there were no immediate plans to use the credit line, Mexican authorities could do so at their discretion. "It's of a preventive character," Central Bank Gov. Guillermo Ortiz told a news conference in Mexico.[3] MEXICO CITY, April 1 (Reuters) - Mexico became the first major Latin American country to seek an International Monetary Fund cushion against the global economic crisis on Wednesday, asking to tap a $47 billion credit line. It was the first time Mexico has sought IMF help since the late 1990s in the aftermath from its so-called "Tequila Crisis" a few years earlier.[4] Mexico became the first major Latin American country to seek an International Monetary Fund cushion against the global economic crisis on Wednesday, asking for a $47 billion credit line. The request marks the first time in a decade that Mexico has sought IMF help and comes as the country tumbles into its worst slump since the mid-1990s "Tequila Crisis."[5]
Mexico became the first major Latin American country to seek an International Monetary Fund cushion against the global economic crisis on Wednesday, announcing it would tap a $47 billion credit line. "This is very positive development for the currency and rates," wrote Goldman Sachs economist Alberto Ramos in a note to clients. "It allows the central bank to concentrate on the rapidly widening output gap rather than on keeping an attractive domestic-foreign interest rate differential to anchor the capital account."[6]
Mexico's central bank confirmed plans Wednesday to seek a $47 billion credit line from the International Monetary Fund and activate a $30 billion currency swap to ease lending and boost its sagging currency.[7] The one-year credit line will be used only in case of emergency, Central Bank President Guillermo Ortiz said. Mexico also plans to activate a $30 billion currency swap inked last year with the U.S. Federal Reserve to sell more dollars to local banks in coming days to ease lending, he added.[8] Supporting the peso, Mexico's central bank chief said recently the country will soon access a $30 billion currency swap line with the U.S. Federal Reserve to help Mexican companies facing problems meeting dollar debt payments.[9] Central Bank Governor Guillermo Ortiz also said the country would activate a $30 billion currency swap line with the U.S. Federal Reserve in order to make dollars available to Mexican companies facing short-term dollar debt obligations.[6]
Reaction in local markets was muted. The peso closed in Mexico City at 14.1850 pesos to the dollar, stronger than 14.3440 pesos at Monday's close but weaker than its opening level at around 14.0660 pesos. Mr. Thorne said he doesn't think local markets will react because they already priced in news earlier this month that the Bank of Mexico will likely tap a $30 billion currency swap line with the U.S. Federal Reserve to help the private sector refinance debt.[10] MEXICO CITY, March 31 (Reuters) - Mexico's peso rallied nearly 2 percent on Tuesday, supported by a rebound in global risk appetite and expectations that the country's central bank could soon tap a currency swap line with the U.S. Federal Reserve.[11] Finance Minister Agustin Carstens said in London the credit line would help "bullet proof" Mexico from worsening global conditions. The IMF in March created the Flexible Credit Line to give leading emerging-market economies that meet a set of conditions access to a pool of money they can either tap immediately or keep as a guarantee in case global conditions worsen. The peso currency, which has plummeted in recent months as the U.S. recession hit its neighbor, jumped more than 2 percent on the news of a credit shield for the Mexican economy. A central bank poll on Wednesday showed analysts are predicting the Mexican economy will contract 3.3 percent this year.[3] Mexico's outlook has deteriorated rapidly in recent weeks. A central bank poll on Wednesday showed analysts now predict the Mexican economy will shrink 3.3 percent this year, the first contraction since the country's financial meltdown in the mid-1990s. The IMF's first deputy managing director John Lipsky said in London that Mexico clearly met the criteria for the credit line, such as a decade of strong macroeconomic growth, low inflation and a well capitalized banking system. "Mexico is an excellent candidate to pioneer this new facility and we intend to move forward as rapidly as possible in seeking the executive board's formal approval of an FCL arrangement for Mexico," he said. The peso has shed around a third of its value since August as the U.S. recession has hammered demand for Mexican exports, scared away Wall Street investors and hurt remittances sent home by Mexican migrant workers in the United States.[4]
"We have fulfilled the requirements. We have our public finances in order and we are able to take a line of credit of the IMF in order to support the reserves of the central bank by. $30 or even $40 billion, even this very same week." Mexico wiped the last bundle of IMF debt off its books in 2000 with a single $3 billion payment made five years ahead of schedule. A certain degree of political stigma has grown around the IMF in recent years, with some viewing the institution as having a tendency to bully poor countries into following its fiscal guidelines. The flexible credit line is part of a series of reforms the IMF approved this month to attract new borrowers, and Mexico is the first country to express a willingness to take on new IMF debt since a $100 billion lending program announced in October didn't see any takers.[10] "We would take a full advantage. We have our public finances in order and we are able to take the line of credit with the IMF in order to support the reserves of the central bank of $30, or even $40 billion, even in this very same week." The IMF this month created the Flexible Credit Line for well-run emerging market economies. The FCL will give countries that meet a set of conditions access to a pool of money they can either tap immediately or keep as a guarantee in case global conditions worsen.[12]
Funds from the IMF line could be used to bolster Mexico's international reserves, which have fallen to $79 billion due to landmark interventions by the central bank in currency markets.[6]
The battered peso jumped more than 2 percent -- though the central bank said it had no immediate plans to use the credit. The facility comes under the Flexible Credit Line created by the Washington-based lender this month to give leading emerging-market economies that meet a set of conditions access to a pool of money they can either tap immediately or keep as a guarantee in case conditions worsen. "It's of a preventive character," Central Bank Governor Guillermo Ortiz told a news conference. "This line will be a support for international reserves." He said Mexico could decide to use the funds "at its discretion" and the line had a duration of one year.[4] MEXICO CITY, March 31 (Reuters) - Mexico's peso gained sharply on Tuesday boosted by expectations that Mexico could soon tap international credit lines, while stocks marked their biggest monthly gain in more than three years. The IPC stock index.MXX closed up 0.49 percent at 19,626.75 points, closing out its best month since September 2005 with a 10.56 percent gain during March.[13] MEXICO CITY, April 1 (Reuters) - The Mexican peso jumped on Wednesday, boosted by news that the country is asking the IMF to activate a $47 billion standby credit line, while stocks rose led by gains in telecom and cement blue chips.[14] LatAm markets gain on hopes U.S. economy stabilizing By Walter Brandimarte NEW YORK, April 1 (Reuters) - Latin American financial markets extended gains on Wednesday as hopes that the U.S. economy is stabilizing bolstered investor appetite for risk. The Mexican peso led regional gains after the country requested a $47 billion credit line from the International Monetary Fund, in a bid to shore up confidence in its battered economy.[1] Brazil extends tax breaks to fight economic slowdown By Walter Brandimarte NEW YORK, March 30 (Reuters) - Latin American financial markets sank on Monday as renewed concerns over the state of the U.S. economy and banking system left investors more averse to risk. Regional stocks were set to post their worst single-day performance in nearly one month as key U.S. equity indexes plunged more than 3 percent on concerns about the fate of U.S. automakers General Motors Corp (GM.N: Quote, Profile, Research ) and Chrysler LLC. Comments over the weekend by U.S. Secretary Timothy Geithner that "some banks will still need large amounts of assistance" also ruined investors' incipient confidence in the recovery of the banking sector, increasing aversion to risk globally.[15] Chile's Feb industrial output posts biggest drop ever By Walter Brandimarte NEW YORK, March 31 (Reuters) - Latin American financial markets rallied on Tuesday, sending emerging market stocks to their best monthly performance in more than 15 years, as signs of stabilization in the global financial system encouraged investors to take on risk. The MSCI stock index for emerging markets.MSCIEF soared 14.11 percent in March, its best result since December 1993, with the Latin American portion of the indicator.MILA00000PUS jumping 9.94 percent, its best performance since October 2007.[16]
"The U.S. data were not necessarily good, but enough to encourage investors to go shopping again," said a Sao Paulo-based stock trader. Yield spreads between emerging market debt and U.S. Treasuries, seen as a key gauge of investor aversion to risk, tightened 6 basis points to 630 basis points on the JPMorgan EMBI+ index 11EMJ. The MSCI stock index for Latin America.MILA00000PUS rallied 2.96 percent after closing March with its best monthly performance since October 2007.[1]
Mexico's economy contracted by 1 percent in the fourth quarter, and analysts predict it will slip officially into recession when new growth figures are released in May. Markets surged on the news, first suggested by President Felipe Calderon in London on Tuesday, with Mexico's benchmark IPC index gaining 1.3 percent to 19,880 and the peso strengthening 2 percent to 13.91 against the U.S. dollar, its strongest since March 18. The peso has lost 21 percent of its value against the dollar since Oct. 1, forcing the bank to sell more than $18 billion in reserves. With Wednesday's gain, it had recovered 10.3 percent since its low on March 2, making it one of the world's best performing currencies last month. [7] Goldman Sachs (nyse: GS - news - people ) economist Alberto Ramos called the move "a very valuable self-insurance mechanism" that signals U.S. and IMF support is available should the economy further weaken. The peso has lost 21 percent of its value against the dollar since Oct. 1, forcing the government to sell more than $18 billion in reserves. With Wednesday's gain, the peso had recovered 11.3 percent since its record low on March 2, making it one of the world's best performing currencies last month.[8]
Brazil's currency strengthened 1.3 percent to 2.28 reals to the U.S. dollar while the Trade Ministry announced a $1.8 billion trade surplus in March, 79 percent higher than in the same month last year as demand for exports outweighed imports to Brazil's slowing economy.[8]
Mexico also plans to activate a $30 billion currency swap inked last year with the U.S. Federal Reserve, in order to sell more dollars to local banks and ease lending in coming days, Ortiz said.[7] The measures will cost public coffers some 1.5 billion reais ($643 million) in lost revenues, but the government hopes to offset the negative fiscal impact by rising taxes on cigarettes. It cut losses later on speculation the government may soon activate a currency swap line with the U.S. Federal Reserve.[15] Supporting the Mexican peso are expectations that the country could activate a $30 billion swap line with the U.S. Federal Reserve.[16]
Traders and analysts expect the central bank to soon announce that it will tap a $30 billion currency swap line with the Fed in order to help Mexican companies refinance dollar debts.[11] Gabriel Casillas, an economist for UBS Pactual in Mexico City, said the IMF loan "will in fact increase the central bank's foreign reserves, giving. more firepower to the Mexican monetary authority to stabilize the currency." "In our view, this could make market participants" concerns about Mexico's foreign reserves level vanish completely," Mr. Casillas said, adding that he expects the peso to surge against the dollar in the short term.[10] "The central bank is looking for a way to use the swap line," said Antonio Magana, head of currency trading at Interacciones brokerage in Mexico City. The peso has rebounded by more than 10 percent this month after hitting a 16-year a few weeks ago.[11]
MEXICO CITY, April 1 (Reuters) - Mexico's peso firmed sharply on Wednesday, boosted by news that the country could soon tap an IMF credit line, while stocks sank as job losses mounted in the United States, Mexico's top trading partner.[9] MEXICO CITY, April 1 (Reuters) - Mexico's peso jumped on Wednesday and bonds rallied on news the country is asking the IMF to tap a standby credit line, which gives more ammunition to offset the impact of the global financial crisis.[6] MEXICO CITY, April 1 (Reuters) - Mexico's peso soared on Wednesday on news the country could tap nearly $80 billion in international credit lines to weather the global credit crisis.[17]
MEXICO CITY -- Mexican President Felipe Calderon said Mexico is ready to open a credit line of $30 billion to $40 billion with the International Monetary Fund, which would be the first time in nearly a decade Mexico has borrowed from the multilateral organization. Getty Images Mexican President Felipe Calderon, right, is met by London Mayor Ian Luder as he arrives at a U.K. -Mexico Business Seminar on Tuesday.[10] LONDON, March 31 (Reuters) - Mexico stands ready to pay for new quotas in multilateral institutions such as the International Monetary Fund, the president said on Tuesday, adding that the country is eligible to take an IMF credit line. Felipe Calderon urged Group of 20 leaders, gathering in London this week, to promote reforms of multilateral institutions such as the IMF and the Inter-American Development Bank, adding that Mexico is ready to help with additional funding. "We need to recapitalise the World Bank, IMF, IADB. Mexico is ready to support reforms of international institutions (such as) IMF, World Bank, IADB. We are ready to even pay for a new quota in these institutions," he told a forum. Calderon also said Mexico can benefit from the restructuring of these institutions. "We are going to do two things. first of all, to say yes to the restructuring process of these institutions, secondly to immediately take advantage of that reform," he said.[12] Mexico said yesterday it was ready to take out a precautionary credit line of up to $40bn from the International Monetary Fund, a significant breakthrough in the fund's drive to remove the stigma attached to its lending. Felipe Calder''n, Mexico's president, told a conference in London that he was prepared to apply for a new easy-access facility unveiled by the IMF last week.[18]
LONDON (Dow Jones)--Mexico is an "excellent" pioneer candidate for the International Monetary Fund's new flexible credit line, First Deputy Managing Director of the IMF John Lipsky said Wednesday.[19]
Investors bet that a $47 billion credit line from the International Monetary Fund would back reserves the government has used to boost Mexico's sagging currency.[8] President Felipe Calderon said on Tuesday that Mexico could tap up to $40 billion from a credit line established by the International Monetary Fund.[9] Mexico became the latest Latin American country to tap aid from the International Monetary Fund. Officials said there were no immediate plans to use the credit line, but said that it could be used at their discretion.[14]
Latin American stocks gained Wednesday on better-than-expected economic data in the U.S. and confirmation that Mexico will seek a $47 billion credit line to boost its currency.[8] Latin American stocks have been pummeled by the world economic crisis, which has choked credit and slashed demand for the commodity exports on which many of the region's biggest companies rely. They've also tracked modest investors optimism in the U.S. in recent weeks. The Dow Jones Industrial Average rose 2 percent to 7,762 in New York on Wednesday, as investors bought shares in technology and energy companies they believe may lead the U.S. out of recession.[8]
The agreement makes Mexico the first Latin American country to reach out to the IMF in years, after the Washington-based lender became a target of popular contempt across the region by conditioning billions of dollars in much-needed loans on a so-called Washington consensus of policy dictates, including privatization, deregulation and balanced budgets in the 1990s. It also marks Mexico's first deal with the IMF since its 1995 economic crisis, when the Fund helped orchestrate its $40 billion bailout. Mexico paid off those loans in 2000.[7] The one-year credit line, first offered by the IMF to "strong performing countries" affected by the global economic crisis last week, is meant to "underscore international confidence" in Mexico, IMF managing director Dominique Strauss-Kahn said in a statement.[7] In London, Finance Minister Agustin Carstens said the credit line would help "bullet proof" Mexico from worsening global conditions. "It seems an enormous amount," said analyst Jaime Ascencio at Actinver brokerage of the credit line. "It speaks volumes about the problems in the Mexican economy. It shows how nervous the government is about the impact of the economic slowdown."[4]
Mexican Finance Minister Agustin Carstens was deputy managing director at the IMF before being appointed by Mr. Calderon in December 2006. Alfredo Thorne, a senior economist at JP Morgan in Mexico City, said he doubts Mexico will use the flexible credit line Mr. Calderon said the country would take. "It's a contingency line, a way to supplement reserves in case it's needed," he said.[10] "We are seeing a much more subdued risk of the Mexican peso taking another jump into the $16-handle -- just to give a numeric example," Alberto Bernal, head of emerging markets strategy at Bulltick Capital Markets, wrote in a research note. "The existence of credit lines with the Fed and the IMF, the material level of international reserves that the country currently holds, and lower levels of risk aversion. implies positive news for the stability of the (Mexican) foreign exchange rate," he added.[16]
Today, Mexico tried to turn around that perception when it became the first country to ask to be approved for a new IMF credit line.[20] Speaking in London, Mr. Calderon said Mexico would be willing to take advantage of new reforms in the IMF's loan programs, namely a flexible credit line designed to help fundamentally solid developing countries cope with temporary financial strains.[10] The new credit line will help 'bullet-proof' Mexico from financial turbulence, Mr. Carstens said. He added that Mexico hopes it won't have to to actually borrow under the credit facility.[20]
The Foreign Exchange Commission, which includes Finance Ministry and Bank of Mexico officials, said Wednesday that Mexico doesn't currently plan to borrow on the IMF's credit line, but that it could be used in the event it was needed.[2] Mr. Calderon said that Mexico wouldn't necessarily need to exercise the credit line, but that "it would be very useful to have that money available." Mexico has already stepped up its borrowing from both the World Bank and Inter-American Development Bank.[10] Federal mortgage bank Sociedad Hipotecaria Federal obtained credit lines for $1.5 billion from the World Bank and $2.8 billion from the IDB last year. Mr. Carstens said earlier this month that the government might seek between 20 billion pesos ($1.4 billion) and 30 billion pesos in additional funding from the Inter-American Development Bank and the World Bank to finance infrastructure projects.[10] Speaking at a press briefing in London shortly before the G-20 leaders summit was set to begin, Mexico's finance minister Agustin Carstens said Mexico planned to ask for a credit line of between $47 billion and $48 billion.[20]
The renewable credit line has a repayment period of 3 1/4 to 5 years and would carry 2.84 percent interest for the first three years, the bank said.[7] Unlike traditional IMF loans, the 'Flexible Credit Line' doesn't require a country to make any changes in policy, as the IMF has traditionally insisted upon (and which has made it a pariah in many developing nations).[20] "If the global economy were to deteriorate further, Fed and IMF support would assist the country in navigating even more turbulent waters," Goldman Sachs economist Alberto Ramos wrote in a note to clients. Mexican Finance Minister Agustin Carstens said on Wednesday he will provide more details on plans to possibly use the IMF funds at a news conference at 4 p.m. in London (1500 GMT).[9] For details, see and. "Given that the line is oriented toward countries with a solid macroeconomic framework, the'stigma' traditionally associated with tapping IMF funds has been converted into a'seal of approval,'" Roberto Melzi, a strategist at Barclays Capital in Mexico City, wrote in a note to clients.[17]
Central Bank President Guillermo Ortiz said Mexico has "no intention" of tapping the funds, but will keep them on hand in case of emergency.[7] The Mexican currency was trading 1.07 percent higher at $14.19 per dollar late afternoon after closing at 14.21 per greenback at the central bank's final reference.[16] "Fear is back," said Luiz Roberto Moneteiro, an investment advisor with Souza Barros brokerage in Sao Paulo. On foreign exchange markets, the Brazilian real BRBY weakened 1.72 percent to 2.332 per dollar after the central bank cut its growth and inflation forecasts for 2009, suggesting additional aggressive interest rate cuts lie ahead.[15] Brazil's benchmark Bovespa index.BVSP rose 2.32 percent, also supported by expectations that the central bank will continue to aggressively cut interest rates to fight the economic downturn. Such expectations grew after a government report showed Brazil's February industrial output plunged a bigger-than-expected 17 percent year-on-year, extending a manufacturing slump that started in November.[1]
The benchmark IPC stock index.MXX erased earlier losses, rising 1.26 percent to 19,874 after U.S. home sales and manufacturing data raised hopes that the economic slump was moderating in the United States, Mexico's top trading partner.[14] The benchmark IPC stock index.MXX closed up 1.29 percent at 19,880.37, tracking gains in U.S. markets.[17]
Brazil's Bovespa stock index.BVSP followed suit, with gains of 0.67 percent, while Mexico's IPC index.MXX rose 0.49 percent.[16] On Mexico's stock market, the benchmark IPC index.MXX gained 1.14 percent to 19,752 points, led by a 1.58 percent gain in shares of cell phone operator America Movil AMXL.MX<AMX.N to 19.33 pesos.[11] Peru's benchmark stock index led regional gains as it ended 3.94 percent higher, supported by shares of mining companies.[16]
The MSCI stock index for Latin America.MILA00000PUS lost 5.17 percent. It had gained nearly 3 percent in the past week on hopes that the global financial system was stabilizing and that the economic slump was close to a bottom.[15] The benchmark IPC stock index.MXX shed 0.17 percent to 19,593 after falling as much as 1.72 percent in opening trade.[9]
Mexico's IPC index rose 1.3 percent to 19,880 and the peso strengthened 2 percent to 13.91 against the U.S. dollar.[8] Brazil's benchmark Bovespa index.BVSP closed 2.99 percent lower, Mexico's IPC index.MXX slid 3.86 percent, and Peru's IGRA sold off 4.82 percent.[15]
The Mexican economy is the second-biggest in Latin America and one of the region's most stable in recent years. Now it is reeling as consumers in the United States -- where Mexico sends about 80 percent of its exports -- cut their spending on goods made south of the border like cars and televisions.[5]
Real Time Economics offers exclusive news, analysis and commentary on the economy, Federal Reserve policy and economics.[20]
Ortiz said the central bank still has $80 billion in reserves on hand.[8] A previous condition-less loan, nicknamed E-Z loan, which was announced last fall, hadn't attracted a single borrower. A similar IMF loan program in the late 1990s also didn't yield a single taker He finally snagged a customer. Now, he said, he expected G-20 countries to make good on their pledges to sharply increase the IMF's $250 billion in lending capacity.[20]
Better-than-expected U.S. home sales and manufacturing numbers released early in the day encouraged investors to buy higher-yielding Latin American assets, offseting disappointing economic data in Brazil and Peru. [1] Construction spending dropped for a fifth month in February, but at a slower pace than January, while manufacturing activity contracted less than expected in March. Better economic data and an improving outlook for U.S. banks has helped fueled a four-week rally, with the Dow gaining 20.5 percent from its 12-year low on March 9.[8]
Yield spreads between emerging-market debt and U.S. Treasuries widened 10 basis points to 634 basis points on the JPMorgan EMBI+ index 11EMJ, in a sign of investors' increased aversion to risk. [15] "By boosting investor confidence toward the economy, the line may end up making itself redundant," Melzi wrote.[17]
For decades in Latin America, turning to the International Monetary Fund for money was a sign of weakness, if not outright disaster. [20]
SOURCES
1. EMERGING MARKETS-LatAm markets gain; Mexico requests IMF line | Markets | Bonds News | Reuters
2. Article - WSJ.com
3. Mexico cenbank asks to tap $47 bln IMF credit line | Reuters
4. Reuters AlertNet - Mexico asks to tap $47 bln IMF credit line
5. TAKE-A-LOOK: Mexico asks for $47 bln IMF credit line | Reuters
6. Mexico peso surges on IMF credit line news | Reuters
7. Mexico seeks $47 billion IMF credit line - Forbes.com
8. Latin America stocks up on Mexico-IMF credit line - Forbes.com
9. Mexico peso soars as IMF line eyed; stocks fall | Markets | US Markets | Reuters
10. Mexico Indicates Willingness to Take IMF Loans - WSJ.com
11. Mexico peso up nearly 2 percent; Fed dlr swap eyed | Markets | US Markets | Reuters
12. UPDATE 3-Mexico is eligible to take IMF credit line-President | Markets | US Markets | Reuters
13. Mexico peso gains sharply as Fed, IMF lines eyed | Reuters
14. UPDATE 1-Mexico peso surges on IMF credit line news | Markets | US Markets | Reuters
15. EMERGING MARKETS-LatAm assets sell off with Wall St, commodities | Markets | US Markets | Reuters
16. EMERGING MARKETS-Stocks have best month in over 15 years | Markets | US Markets | Reuters
17. Mexico peso, bonds surge on IMF credit line news | Reuters
18. FT.com / UK - Mexico arranges $40bn line of credit in breakthrough for IMF
19. Article - WSJ.com
20. IMF Finally Snags a Borrower in Latin America - Real Time Economics - WSJ
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