April 20 (Bloomberg) - record of the Mexico 1 1 billion antitrust fine against America Movil SAB may make the obligations of the carrier of the mobile phone a bargain, Scotia capital and SAB function. of Actinver Corp.
The company, controlled by billionaire Carlos Slim, is likely to win a reduction of the fine or eliminate the penalty of the Court of appeal, that in fact any decline in bond prices temporary, said Araceli Espinosa, an analyst with Scotia Capital Mexico City debt. Dollar of America Movil bonds due in 2019 performance 25 point basis, or 0.25 percentage point, the Government of Mexico more than similar maturity notes, up from 21 a month ago, according to data compiled by Bloomberg. "" When there is possibility to buy, I am sure, "said Alonso Madero, a portfolio manager focused on Actinver Mexico City, which oversees the $ 5.5 billion of debt, including obligations America Movil. "I begin to consider these instruments as an alternative to the Government paper which is to pay more." It is obvious. "America Movil stock sank more than five months, on 18 April, the company reveals that the Federal Competition Commission assessed the fine for monopolistic practices in the market, fresh complete calls to a wireless network. Yields 747 million of dollars on the business of 5 links per cent were little changed this week, with yields that fell two basis points, according to data compiled by Bloomberg.Yields are three basis points this year to 4.47% or 182 lower basis points in the average cost of borrowing for Mexican companies, as requested by JPMorgan Chase & Co. investors 48 basis points of performance additional own America Movil links instead of debt sold by telecommunications companies worldwide, an index of Bank of America Corp. of.Shares of the company cash PositionThe fell 51 centavos or 1.5%, to 32.82 pesos yesterday in Mexico City trading, leading to the largest decline in two days since cash and confidence August.America Movil $ 9.24 billion gives holders of bonds in the short term investments that fine Won't hurt the society's ability to pay his dettedit Nymia Almeida, an analyst at Moody's Investors Service. "I expect that this is worse for shareholders and creditors,"Almeida said in a telephone interview from Mexico City." "With money they have, they might pay lower dividends and does affect does not their credit quality."A spokesman of the America Movil has refused to comment on.Other fines anti-trust against big business were not held in court, said Espinosa the capital of Nova Scotia antitrust railway FinesThe .agence fines of Grupo Mexico SAB and Slim Grupo KRAs SAC 400 million pesos ($34 million) in 2009 for having violated the laws when they tried to merge units of Railway path. Effort of the Agency to block the merger later is rejected by the Mexican courts.Demand for extra yield investors holding bonds of dollar of the Mexican Government instead of US Treasury bonds narrowed five basis at 137 points, according to JPMorgan.The cost to protect the Mexican debt against non-payment for five years has dropped a 102 base point, according to the CMA. Credit-default swaps pay the buyer face value in exchange of underlying securities or the equivalent of cash if the issuer fails to comply with the agreements of the debt.The peso has increased by 0.5% to 11.6272 per US dollar at 8: 41 time of New York.Rendements on the futures of interbank rate of the contract because roses two 5.03% base points, indicating that traders expect a rate increase this month of September. Over the past five years, the gap between the TIIE of 28 days and the overnight rate has averaged 36 basis points.Reverse MexicoThe antitrust fine is the latest in a series of setbacks for America Movil to Mexico, its largest market, with 28% of its subscribers, 41% of its sales and about half of its profits. Offers company wireless service in 17 countries, including the Brazil, the Argentina and the U.S.In a decision in March, the Federal Council of the Mexico and slashed telecommunications fees that america Movil is authorized to charge smaller fixed line rival Alestra SAa decision that could set a precedent for other companies to reduce their payments.Grupo Televisa SA, the broadcaster control three Mexican cable companies and mobile phone company Grupo Iusacell SA filed anti-trust complaints this year against America Movil and Telefonos de Mexico, which began an advertising campaign linking the cost of connection to the network of enterprises with high prices for fixed-unit consumers.Control of PowerThe antitrust decision shows that the Mexican Government becomes more aggressive in trying to reduce the power of the America Movil on the market, said Christopher King, an analyst with Stifel Nicolaus & Co. in Baltimore. 64 Million Mexican-holders phones the company represent 71% of the market. "" Question No. 1, that regulatory agencies are focused on the fact that the level of a little more competitive market share "King said in a telephone interview. "The size of the fine indicates the degree of seriousness on the part of regulators was significantly high.".America Movil plans to appeal the antitrust decision that it engaged in monopolistic practices in the market for network connection charges, the company said the week last in a statement.Regulators moves cast doubt on the ability of the America Movil to pay the debt, said Madero of the obligations of the America Movil Actinver.Les are a good investment for investors seeking high in proportion to the debt, the capital of Nova Scotia Espinosa said. A rank of Standard & Poor company is the fourth lowest investment grade and two levels above the rating of the Mexican Government. "For investors, this could be the good news," Espinosa, said in an interview on the phone. " "A person who is not already in links can go if there is a reaction."-Editors: Lester Pimentel, David Papadopoulos, Brenda Batten
To contact the reporters on this story: Crayton Harrison in Mexico to tharrison5@bloomberg.net; Jonathan j. Levin in Mexico at jlevin20@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos to papadopoulos@bloomberg.net
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