MARKETS
The S&P / BMV IPC fell 0.6% over the week to close at 66,977.05 pts. due to continued uncertainty regarding UMCA negotiations and the impact of falling US equity markets. Meanwhile, the Mexican peso appreciated 0.2%, closing at MXN$17.25/USD, while the yield of the 10-year M-Bono was down 7 bps to 9.02%.
The S&P / BMV IPC’s top weekly gainers were: AMX B (+9.1%), TLEVISA CPO (+5.6%), and FEMSA UBD (+4.8%). On the other hand, the main weekly losers were: PEÑOLES * (-10.2%), GENTERA * (-9.9%) and BBAJIO O (-6.3%).
MEXMOVES PODCAST
MexMoves Podcast: Afore Coppel, Demographics, FinTech News, and more
Juan Manuel Valle, CEO of Afore Coppel, Mexico’s largest pension fund by affiliates, discusses the opportunities and challenges facing retirement savings in Mexico.• How Afore Coppel became the largest pension fund by affiliates, despite entering the market much later than others.• How different income groups face very different retirement challenges.• Why contribution weeks, formal employment and voluntary savings matter • How younger customers can follow a longer-term investment strategy, with more exposure to equities and alternatives • How Afores can help finance Mexico’s infrastructure needs, but only when the economics make sense.
Eduardo and Damian first dissect the main business and economic stories of the week: • World Cup protests by the CNTE teachers’ union highlight Mexico’s pension challenge: insufficient funding for current commitments, only to be made worse by an ageing population • Fintech is back: Clip launches Mi Clip with Ant, Mastercard and TelevisaUnivision; FEMSA brings QED into OXXO credit.• Betterfly buys Minu; Mercado Libre announces its Mexico US$4.6bn ‘’investment” number • Trump knocks USMCA as multi-year revisions loom.
CORPORATE NEWS
MercadoLibre announced a US$4.6 billion investment and OpEx program in Mexico for 2026, 35% above the amount invested in 2025. The resources will be allocated to logistics infrastructure, technology development, e-commerce operations and financial services through Mercado Pago. The company said the investment plan includes the creation of approximately 8,500 jobs.
Cemex announced the full redemption of its outstanding US$1.0 billion 5.125% subordinated notes due 2026, with settlement scheduled for June 26, 2026. The company expects to fund itself through its recently established US$3.0 billion revolving credit facility and/or available cash. In addition, proceeds from the issuance of 5.750% senior notes due 2036 were used to fully repay a US$1.0 billion term loan and a €450 million term loan, resulting in the cancellation of the related credit facilities and revolving commitments. The transaction extends Cemex’s debt maturity profile, simplifies its guarantee structure, and enhances liquidity through the new revolving credit facility.
Fexi 21, completed a MXN$4.3 billion follow-on private placement in Mexico and (a small amount) in international markets. The trust will use proceeds for infrastructure acquisitions and growth initiatives. The transaction represents the first follow-on offering executed by a Fibra E in the Mexican capital markets.
Femsa has entered into an agreement for a strategic equity investment by QED Investors in its lending business unit. QED is a global fintech-focused venture capital firm with more than 250 portfolio companies (including Nu Bank and Bitso) and US $4 billion in assets under management. Beyond capital, QED will contribute hands-on experience in lending, risk management, product development, and organizational scaling, making it a highly complementary partner as FEMSA’s lending business enters its next stage of development. Femsa will continue to hold a majority stake in the lending business.
The banking sector’s total loan portfolio increased 6.5% YoY in April, driven by growth in consumer lending (+12.0% YoY), corporate loans (+7.5% YoY) and housing loans (+5.2% YoY), which more than offset declines in lending to financial institutions (-5.9% YoY) and government entities (-6.9% YoY), according to the CNBV. Asset quality remained strong, with the NPL ratio rising to 2.26%, from 2.05% a year earlier, and the coverage ratio declining to 146.8%, from 155.5%, while the capitalization ratio decreased to 17.1% from 18.0%. The sector’s monthly net profit advanced 4.4% YoY to MXN$104.7 billion. Profitability remained stable, with ROA at 2.0%, versus 2.0% a year earlier, but the ROE declining to 17.1% from 18.0%.
Grupo Aeroportuario del Sureste’s total passenger traffic decreased 1.6% YoY to 5.6 million in May, which was the was performance in the last 11 months. Mexico’s traffic was down 4.2% and Puerto Rico’s 4.4%, while Colombia’s traffic grew 6.6%.
Grupo Aeroportuario del Pacífico’s total passenger traffic fell 4.1% YoY to 4.96 million in May, with domestic traffic declining 1.3% and international traffic down 8.2%.
Bolsa’s medium- and long-term debt placements declined 24% YoY to MXN$19.0 billion in May, while short-term debt placements fell 32% YoY to MXN$22.1 billion, and one equity listing took place raising MXN$4.8 billion. In secondary markets, domestic equity trading value increased 20% YoY to MXN$245.8 billion, foreign equities trading rose 33% to MXN$213.0 billion.
FVIA received the formal amendment to the concession title for the Nueva Italia–Lázaro Cárdenas toll road, effective June 5th, 2026, following the investment approved by holders of the FVIA C16 certificates in April 2026. The amendment authorizes the expansion of approximately 80 kilometers of the highway through the construction of two additional lanes, increasing capacity along the corridor. The modification also allows for an increase in toll rates for freight vehicles, supporting the project’s economic viability and expected returns.
The National Antitrust Commission imposed fines of more than MXN$500 million on Fibra Danhos, Grupo Gicsa, El Puerto de Liverpool, Grupo Acosta Verde, Grupo Comercial Chedraui, DMI, and Grupo Aryba, the Association of Real Estate Developers (ADI), and various individuals for alleged manipulation of commercial rent payments during the COVID-19 pandemic.
Gruma plans to amortize in full the MXN$4.5 billion GRUMA 22 domestic bond next June 18th.
Fibra Danhos made the early repayment of MXN$3.0 billion in DANHOS 16 domestic bonds. The trust financed itself with the DANHOS 26L and DANHOS 26-2L recent issues, as well as other available resources.
Fibra Educa announced its intention to voluntarily prepay the MXN$1.87 billion outstanding principal of its EDUCA 23L sustainability-linked bond on June 18th, 2026, subject to the successful issuance and settlement of its new bonds EDUCA 26L, EDUCA 26-2L and/or EDUCA 26UL.
Cydsa placed MXN$1.74 billion in 3-year domestic bonds (“Cebures”) with an interest of TIIEF plus 125 bps, under its revolving Long-Term Bond Program for up to MXN$5.5 billion. The bonds were rated “AA-.mx” by Moody’s Local and “HR AA+” by HR Ratings, in local scale.
Grupo Rotoplas announced that next June 18th, it will fully amortized the AGUA 17-2X domestic bonds amounting to MXN$4.1 billion. There will be no early amortization premium as such voluntary early amortization is being carried out after June 17th, 2026.
Minera Frisco has resumed operations at two mining units, one located in the state of Sonora focused on copper cathode production, and another located in Baja California focused on gold and silver extraction, with production expected to begin by the end of June 2026. The company will also start operations in a mining unit located in the state of Durango, primarily focused on silver production, by the end of 2026.
OTHER COMPANIES
Pemex announced a MXN$93 billion investment plan for 2026–2030 in petrochemicals and fertilizers. The company targets petrochemical production of 849,000 tons annually and fertilizer output above 4 million tons per year through the rehabilitation of existing facilities and new projects. Pemex will upgrade petrochemical complexes in Cangrejera, Morelos, and Cosoleacaque, as well as fertilizer plants in Poza Rica, Lázaro Cárdenas, and Camargo. The plan also includes a new ammonia and urea plant in Poza Rica, Veracruz, requiring MXN$25 billion of investment, with annual capacity of 708,000 tons of granular urea and the creation of 3,900 direct and 11,700 indirect jobs.
CFE awarded 7,411 MW across 37 wind and solar projects under its mixed public-private generation scheme, implying US$7.4 billion of investment and 114% of the government’s 6,500 MW target. The winners included Cubico México, Thermion Energy, Eléctrica Aselco, Atlantica Renewable Power, Solarig, Oak Creek, Elawan Energy, Fisterra Energy, and Freeman Energy.
Fermaca announced the construction of a fertilizer complex in Mexico with a US$1.145 billion estimated investment. The facility will focus on fertilizer production for the domestic market. The project is expected to begin operations in 2029.
Clip raised US$500 million in a financing round that valued the company at more than US$2.5 billion. Concurrently, the fintech launched Mi Clip, a digital wallet in partnership with Ant International, Mastercard and TelevisaUnivision.
Digital bank Revolut reach 500 thousand customers in Mexico just after 6 months of having formally launched operations in the country, according to its México CEO Juan Guerra. On its launch, Nu signed up 500,000 savings accounts in a week, so differentiating between credit cards and savings customers is relevant.
Sempra Infrastructure, a Sempra subsidiary, announced that the ECA LNG Phase 1 liquefaction project in Ensenada, Mexico, has successfully started producing liquefied natural gas (LNG) as part of the commissioning process toward commercial operations. The project is a JV with TotalEnergies and consists of a single liquefaction train with a nameplate capacity of 3.25 million tons per annum (Mtpa) of LNG. The project is supported by long-term sales and purchase agreements with TotalEnergies and Mitsui & Co. Sempra Infrastructure appointed Bhavesh Patel as its new CEO, succeeding Justin Bird.
Fox Corporation acquired the Mexican broadcasting rights for the NFL beginning with the 2026 season. The agreement includes Thursday Night Football, four Sunday games per week, Thanksgiving Day games, all NFC playoff games and the Super Bowl. Fox also announced four original weekly NFL programs developed specifically for the Mexican market. The rights package was previously held by Fox Sports Mexico, owned by Grupo Lauman since 2021 following The Walt Disney Company’s divestiture of the business. Fox added that NFL content, along with other sports properties such as LMB baseball and the León and Pachuca football clubs, will be distributed through Fox One.
Vivaerobus total passenger traffic fell 1.4% YoY to 2.57 million in May with domestic traffic decreasing 2.8%, and international traffic rising 9.6%. RPMs rose 7.0% as ASMs increased 1.9% YoY and the load factor improved 4.2 PP to 89.0%.
Chilean unicorn Betterfly acquired Mexican fintech Minu to expand its employee-benefits platform in Mexico, combining health, insurance, compensation and financial wellness solutions. The combined platform will cover more than one million employees across 4,000 companies.
CreditNow, an online lending fintech, launched operations in Mexico with personal loans from MXN$500 to MXN$25,000 for individuals between 22 and 60 years old.
ECONOMIC
Mexico’s CPI declined 0.21% MoM in May, below the median forecast of -0.11% in the latest Citi Mexico Expectations Survey, according to INEGI. Core inflation increased by 0.22% MoM, below the Citi Survey expectation of 0.24%, reflecting lower pressures in merchandise and services prices. Non-core inflation fell 1.65% MoM, driven mainly by lower food & bev and energy prices. Annual headline inflation stood at 3.94% in May, down from 4.45% in April, while annual core inflation eased to 4.19%, from 4.26%, in the previous month.
IMSS reported a monthly decline of 29,922 formal jobs in May. Year-to-date formal job creation reached 201,605 positions. Over the last 12 months, formal employment increased by 346,637 jobs, equivalent to a 1.5% YoY increase.
The Consumer Confidence Index fell 0.7 pts MoM and 3.4 pts YoY to 43.5 pts in May, the lowest level in the last 41 months, driven by weaker perceptions of the country’s expected and current economic situation, according to INEGI.
Industrial activity rose 2.1% MoM in April 2026, based on seasonally adjusted data, following a 1.0% decline in March, according to INEGI. The monthly result reflected a 7.6% increase in construction and a 1.2% rise in manufacturing, offsetting contractions of 0.7% in mining and 0.3% in utilities. Industrial activity grew 2.3% YoY in April 2026, based on original data, driven by a 10.4% growth in construction and a 3.4% gain in mining, while manufacturing was unchanged and utilities declined 0.4%.
Light vehicle sales increased by 5.0% YoY to 127,107 units, while production declined 3.7% to 342,926 units and exports were up 1.7% to 306,288 units in May, according to INEGI.
International visitors were up 8.1% to 8.3 million in April, according to INEGI. Total expenditure declined 2.3% YoY to US$2.37 billion while the average expenditure per visitor fell 9.6% to US$358.6.
In its Financial Stability Report, Banco de México mentioned that the Mexican financial system remains resilient and capable of withstanding adverse scenarios. However, risks associated with the global environment persist, particularly the intensification of geopolitical conflicts, which require close monitoring of their evolution. Accordingly, Banco de México reaffirms its commitment to preserving the stability of the financial system and ensuring the proper functioning of payment systems. To that end, it will adopt the necessary measures, in coordination with other authorities, within the scope of its mandate and in strict compliance with the legal framework.
Consensus maintained its expectation for Banxico’s policy rate at 6.50% for both YE26 and YE27, according to the latest Citi Mexico Expectations Survey. The 2026 GDP growth estimate edged up to 1.2%, from 1.1%, whereas the 2027 projection held steady at 1.8%. YE26 headline inflation expectations increased to 4.35%, from 4.30%, while the core estimate remained at 4.20%; for YE27, the headline forecast rose to 3.90%, from 3.80%, with the core outlook unchanged at 3.85%. The MXN/USD projection for YE26 stayed at 18.00, while the YE27 estimate improved to 18.50, from 18.58.
The Mexican Government reduced subsidies for regular gasoline to 13.49% (from 28.32%), Premium gasoline to zero (from 16.98%) and diesel to 40.42% (from 46.21%), for the June 6th – June 12th week.
The governments of Mexico and the US agreed to extend the second round of USMCA negotiations to four days. The new round will take place from June 15th to 18th in Washington, D.C. Meanwhile, US President Donald Trump said that he is not looking to renew the USMCA.
CETES auction: 28-day CETES -11 bps to 6.25%; 91-day CETES -8 bps to 6.48%; 182-day CETES +1 bps at 6.70% and 350-day CETES -16 bps to 7.0%.
Download PDF: Mexican Market Chatter May 28th – June 4th – ENG