Overview
- Domestic corporate issuance reached 65.5 billion pesos by mid‑February, topping the prior 52.7 billion record from November 2022, according to Banorte.
- Pemex completed its first local placement in six years at 31.5 billion pesos, the largest single corporate deal in Mexico’s domestic market.
- Proceeds are directed to refinancing near‑term maturities rather than new productive investment, coverage and commentary report.
- Portfolio shifts were supported by strong Afore inflows and lower government yields after Banxico’s rate cuts, favoring short‑ to mid‑tenor and floating‑rate corporate paper.
- Analysts warn Pemex’s negative equity, heavy debt load, and absence of a credible deleveraging plan increase contingent fiscal risk, with some cautioning that rating pressure could rise if fiscal consolidation does not materialize.