Mexico Doubles Size of Century Bond Offering

Mexico sells even more of this junk than anticipated!

Mexico launched its first 100-year bond on Tuesday, to win cheap funds from global investors who are snatching up risky emerging market assets that promise relatively-high yields.

The first tranche of the century bond attracted enough demand for an issuance of $1 billion, double the $500 million expected earlier in the day, a source close to the deal said.

The bond, which IFR reported was priced to yield 6.1 percent...

Also,

"The credit quality of Mexico has been improving as opposed to Ireland et al," said Tom Sowanick, chief investment officer of OmniVest in Princeton, New Jersey, which oversees more than $1 billion.

Really? One of my sovereign credit quality measures is number of gunbattles per fortnight, by which measure Mexico is not improving compared to Ireland.