MARKETS
The S&P / BMV IPC tumbled 3.0% over the week amid global risk aversion generated by the Israel-Iran conflict. Meanwhile, the Mexican peso weakened 0.8% to close at MXN$19.04/USD, and the yield of the 10-year M-Bono was up 9 bps to 9.36%.
The S&P / BMV IPC’s top gainers for the week were: KIMBER A (+3.4%), TLEVISA CPO (+2.9%) and BOLSA A (+2.4%). On the other hand, the main losers were: Q* (-9.4%), ALFA A (-6.1%) and GENTERA * (-5.4%).
LISTED COMPANIES
Fibra-E Fiemex announced it successfully listed in a non-cash IPO for a market value of US$4.5 billion on the Mexican Stock Exchange, thus becoming Mexico’s largest Fibra E. It operates 13 electricity generation plants the Mexican government acquired from Iberdrola. Shareholders (Fonadin, AFORES) in the existing assets swapped their holdings for stock in the new listed vehicle.
Fibra Uno signed an agreement to internalize its advisory and representation contracts. The members of the Ad-Hoc Committee and their advisors have reached binding agreements with the owners of said contracts, which contemplate a total consideration of MXN$10.5 billion, payable with real estate assets owned by Fibra Uno at 1.0x net asset valuation. In related news, Fibra Next published an updated IPO prospectus, after a 2-year delay. The trust plans to raise up to MXN$11 billion in July, a much smaller amount than the original one of MXN$20.7 billion. Its resized portfolio will include 9 industrial properties with a GLA of 754 thousand square meters, compared to an original portfolio of 199 industrial properties with a GLA of 7.2 million square meters.
GMéxico will exit the highway business. It has reached an agreement to sell an 81.31% equity stake in Concesionaria de Infraestructura del Bajío (CIBSA), the concessionaire of the Salamanca-León highway, for MXN$7.7 billion. GMéxico will thus maintain an 18.69% equity stake. Fibra Exi will acquire a 51.0% stake. The transaction is subject to obtaining the corresponding regulatory approvals and is expected to close during the second half of 2025. GMéxico will use proceeds for investment projects in Mexico and generals uses in its different business lines.
The IFT imposed a MXN$1.78 billion fine on América Móvil’s Telcel due to alleged relative monopolistic practices in the distribution and sale of SIM cards through convenience stores. The company denied it carried out such practice and will thus challenge this fine. Tiendas Oxxo and Impulsora de Mercados México, both subsidiaries of FEMSA, also received MXN$19.5 million fines each. Tiendas Oxxo also said it will challenge such fine.
RLH Properties raised MXN$4.3 billion through the issuance of 262,286,818 shares at a price of MXN$16.50 each, as part of the capital increase process that concluded on June 10th. CHPAF, the controlling shareholder, has more than 50% of shares outstanding after this transaction.
Aleatica’s subsidiaries Organización de Proyectos de Infraestructura (OPI) and Concesionaria Mexiquense (CONMEX) appointed Ricardo Esteban Cuéllar Espino as their new CEO affective June 13th. He will replace Francisco Javier Cuesta Nuin.
Fibra Inn reported a 5.6% YoY increase in lodging revenue to MXN$213.6 million, mainly driven by an 8.2% YoY ADR rise to MXN$1,957, which was partially offset by a 2.2 PP decrease in occupancy levels to 62.3%, improving against the prior month’s 6.4 PP decline and rebounding 2.3 PP sequentially. May RevPar grew 4.4% YoY to MXN$1,219.
Promotora de Hoteles Norte 19’s total revenues were up 6.7% YoY to MXN$349.2 million in May, fueled by a 5.8% YoY ADR increase to MXN$1,379, along with a 1.7 PP decrease in occupancy levels to 54.7%. RevPar rose 2.7% YoY to MXN$755.
Amazon Mexico, Invex Banco and Mastercard launched Amazon Access, a debit card that will allow Amazon customers to pay, transfer, and receive money. They will be able to make purchases outside of Amazon with their digital card or by requesting a physical Invex-Mastercard card, at no additional cost.
Fibra Hotel announced that on June 12th, certain members of the Technical Committee (including members of the controlling group) acquired 9,689,775 CBFIs.
CME Group plans to launch S&P/BMV IPC index futures on August 18th. Such launching still requires regulatory approval from US financial authorities.
OTHER COMPANIES
The CNBV intervened Sofipo CAME, to protect savers’ deposits. The Sofipo reported MXN$2.6 billion in losses in 2024 and accumulated three years in the red.
Mondelez Snacking Mexico appointed Carlos Veraza as its new president, effective July 1st.
Bitso announced it has provided access to the SPEI transference system to its institutional customers.
Chinese tire manufacturer Azteca has inaugurated a US$400 million plant in Irapuato, Guanajuato. It plans to produce 6 million tires per year.
ECONOMIC
ANTAD’s SSS jumped 10.3% in nominal terms in May (self-service +3.0%, department stores +25.5% and specialized retail +2.7%). This was the best performance since August 2022, fueled by the “Hot Sale” promotion. Total sales advanced 13.0% YoY (self-service +5.8%, department stores +27.1% and specialized retail +6.6%).
Aggregate supply and demand declined 1.1% QoQ (seasonally adjusted) in 1Q25, weakening from a stagnation period in 4Q24, INEGI reported. The main drivers were a 4.0% decrease in gross fixed investment and a 0.4% fall in private consumption, which were partially mitigated by a 1.1% increase in exports and a 0.4% rise in government consumption. Aggregate supply and demand fell 0.2% YoY (original data), mainly as a result of a 5.2% contraction in gross fixed investment and a 0.6% decline in private consumption.
CETES auction: 28-day CETES +4bps to 8.14%; 91-day CETES –3 bps to 8.03%; 175-day CETES -13 bps to 8.06% and 693-day CETES +11 bps to 8.60%.
Download PDF: MI-MxMktChatter-062025