Bonds of Billionaire’s Mexican Cable Company Rally

Aug 25, 2023

Michael O'Boyle

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Bonds of Total Play Telecomunicaciones SA, the cable and internet provider owned by billionaire Ricardo Salinas, have staged a turnaround on signs of fresh financing and a cost-cutting plan that should free up cash for debt payments.

Notes due 2025 have jumped more than 6 cents on the dollar over the past week to around 71 cents, making them the top-performing bonds in Latin America this month, according to a Bloomberg index. Bonds due in 2028 are up 0.5 cents on the dollar to 58 cents over the same period.