Markets
The S&P / BMV IPC’s downward trend resumed last week with another 0.7% to close at 64,531.68 pts. on continued concerns about rising international rates. Meanwhile, the Mexican peso weakened 2.7% to close at MXN$18.16/USD; the yield of the 10-year M-Bono was down 1 bps to 9.53X%.
The S&P / BMV IPC’s top weekly gainers were: GMEXICO B (+3.1%), GENTERA * (+2.3%), and ALSEA * (+2.0%). On the other hand, the index’s main weekly losers were: OMA B (-6.0%), GAP B (-4.8%) and LIVEPOL C-1 (-3.7%).
Public Companies
Citigroup is assembling a group of Wall Street banks for a potential Banamex IPO that would seek to raise more than US$3 billion in January, according to Bloomberg en Línea. Citi would lead the transaction alongside Bank of America, Goldman Sachs and JPMorgan, while additional banks could join the syndicate. Citi currently retains approximately 51% of Banamex and expects to reduce its ownership below 50% before the IPO.
Fibra Next acquired two Class A industrial properties in Estado de México for an estimated total investment of MXN$11.55 billion, including acquisition and development costs. The assets comprise approximately 500,000 m² of leasable area, of which around 207,000 m² are already leased and 293,000 m² will be developed. Once stabilized within 12–18 months, the properties are expected to generate approximately MXN$1.04 billion of annual NOI, equivalent to an estimated 9.0% return on total investment. Fibra Next expects to fund approximately 35% of the investment through CBFIs and assume approximately MXN$3.72 billion of debt, with the remaining CBFIs and Capex contributed as the assets stabilize.
América Móvil, through Claro NXT, completed the acquisition of a 72.83% equity stake in Desktop, expanding its broadband and fiber footprint in Brazil. Desktop operates a 58,000-km fiber network and serves 1.2 million households, making it the largest ISP platform in São Paulo state. The transaction valued Desktop at approximately R$4.0 billion, with AMX expected to pay approximately US$458 million after deducting US$300 million of debt. Following the change of control, AMX must launch a tender offer for the remaining 27.17% stake due to tag-along rights. CADE approved the transaction without restrictions. On the other hand, The CRT established new coverage requirements for América Móvil’s Telmex and Telnor to expand internet access in underserved communities. Under the indirect coverage obligation, Telmex and Telnor must install 100 network connection points that will allow small local internet providers to serve 501 communities with more than 130,000 inhabitants, with the companies providing network access while third-party operators handle the last-mile connection and retail service. Under the direct coverage obligation, Telmex and Telnor must deploy fiber-optic infrastructure and provide broadband service in 60 communities with more than 140,000 inhabitants. The companies must offer a MXN$200 monthly social tariff with speeds of up to 70 Mbps in directly covered communities, alongside payment facilities, a 50% discount on installation costs and the option to add fixed-line telephone service. The CRT said this is the first time Mexico has imposed coverage obligations. América Móvil established an agreement through Claro Colombia to provide telecommunications infrastructure to Móvil Éxito, Grupo Éxito’s MVNO in Colombia, Axis Negocios reported. The transaction marks Claro Colombia’s first participation as a host network for an MVNO. Móvil Éxito has more than 2.2 million users and has relied on Tigo’s infrastructure and spectrum for more than a decade.
Nu México appointed Estephany Ley as CEO, effective in early November, replacing Armando Herrera, while Rodrigo Kuri assumed the chairmanship of the Board of Directors. Herrera will remain as Senior Advisor to the CEO through January 2027 to support the transition. The appointments follow Nu México’s transition to a bank and are intended to strengthen management, strategic oversight and corporate governance. Nu Holdings ruled out interest in acquiring UK digital bank Monzo following reports of a potential transaction. The company reiterated that its strategic priorities remain deepening its position in Brazil, scaling its businesses in Mexico and Colombia, and expanding in the U.S. and globally through Nu Global.
Mercado Libre inaugurated its second distribution center in El Salto, Jalisco, bringing its logistics footprint in the state to five facilities. The new site covers 100,000 square meters and forms part of the company’s MXN$911 million investment in Jalisco during 2026. The facility has capacity to process more than 3,600 shipments per hour and is expected to create more than 900 direct jobs. Mercado Libre’s logistics network in Jalisco processes more than one million packages per week. Mercado Libre raised MXN$3.75 billion through Mercado Lending’s first debt issuance in Mexico on BIVA, Axis Negocios reported. The transaction comprised MXN$1.05 billion of three-year floating-rate notes at TIIE de Fondeo +130 bps and MXN$2.70 billion of approximately five-year fixed-rate notes at 10.54%. Proceeds will support Mercado Pago’s lending business and diversify its funding sources.
BBVA México issued US$1.0 billion of Tier 2 subordinated preferred notes at an initial fixed annual rate of 8.35%, maturing on April 6th, 2042. Moody’s rated the notes Baa3 and Fitch Ratings assigned a BB+ rating.
Banco Santander México joined Contraparte Central de Valores (CCV) as a clearing member for transactions in Mexico’s government debt market.
Fibra Mty launched a tender offer to acquire the remaining 18.62% of Fibra Macquarie México. The offer maintains the previous terms of 3.2 Fibra Mty CBFIs for each Fibramq CBFI, equivalent to MXN$45.1 per CBFI, or MXN$44.0 in cash or a combination of both, with maximum aggregate cash consideration of MXN$6.53 billion. The offer expires on October 27th. Fibra Mty seeks to reach at least 95% of Fibramq’s outstanding CBFIs, which would allow it to proceed with Fibramq’s delisting.
Asur agreed to acquire minority equity stakes linked to CPC Aeroportos for around US$189 million. The transactions include Zurich Airport International’s 25% stake in Sociedade de Participação no Aeroporto de Confins, equivalent to an indirect 12.75% interest in Concessionária do Aeroporto Internacional de Confins, while Infraero exercised its tag-along right over its 49% stake. The purchases will be financed through the US$1.23 billion bridge loan contracted with JP Morgan, which also funded the initial CPC Aeroportos acquisition. The company is also negotiating the purchase of Zurich Airport’s 10.2% interest related to Curaçao airport. In September, Asur completed the US$992 million acquisition of CPC Aeroportos, adding interests in 20 airports across Brazil, Ecuador, Costa Rica and Curaçao. In related news, Asur issued US$1.8 billion of international bonds in two tranches: US$900 million due in five years at 6.7% and US$900 million due in 10 years at 7.5%. Proceeds will refinance bridge loans used for the acquisition of its airport portfolio in Brazil, while the remainder will be allocated to general corporate purposes.
Sigma Foods sees growth opportunities from producing private-label products for discount retailers including Tiendas 3B and Femsa’s Bara as part of its strategy to double the business over the next decade. The company also plans to expand capacity at its existing Mexican production facilities, enter new categories and increase penetration in the U.S. Sigma reiterated FY26 EBITDA guidance of approximately US$1.1 billion, broadly unchanged YoY, supported by resilient operations and lower protein prices.
GAP expects at least 50% of the waste generated at its airports to avoid disposal in landfills by 2029 as part of its 2025–2029 Sustainability Plan.
Gentera’s FinCrementar issued MXN$800 million through the three-year CONCRCB 26S securitization at TIIE de Fondeo +225 bps. Proceeds will support ConCrédito’s growth strategy and expansion of its financial solutions.
Aeroméxico and Volaris have increased their focus on international routes in response to higher fuel costs, while both airlines recently announced the suspension of their Tulum routes. Jet-fuel prices increased 116.5% YoY to US$194.90/bbl, increasing operating-cost pressure for Mexican airlines. ASPA rejected Aeroméxico’s proposed collective bargaining agreement and granted a 45-day extension to continue negotiations on working hours and rest periods, salaries, benefits and social security provisions. Aeroméxico increased its syndicated revolving credit facility by US$50 million to US$250 million and extended its maturity by three years. BBVA México acted as Sole Global Coordinator, Sole Bookrunner and Administrative Agent, with participation from Mexican and international banks.
Oma appointed Vanessa Paola Velazco Barraza as Investor Relations Manager effective September 30th, replacing Luis Emmanuel Camacho Thierry. Velazco previously worked at Oma between 2021 and 2024 in Investor Relations and Financial Planning. Camacho will leave the position to assume a new role within the Vinci Airports network.
Grupo BMV appointed Luis René Ramón Arana as CFO, replacing Ramón Güemez Sarre, who retired. Arana had served as interim CFO since late April 2026.
Corporación Actinver converted its outstanding convertible notes on September 23rd and issued 91.6 million Series B shares, which, together with the first partial conversion, represented 14.99% of shares outstanding. The company extinguished the liability associated with the notes, strengthening its financial structure.
Cydsa secured MXN$1.4 billion in bank financing with a 10-year maturity, increasing quarterly principal amortizations and an interest rate of TIIEF + 150 bps. The company will use proceeds for working-capital requirements, fixed-asset acquisitions, capex and general corporate purposes. Cydsa also prepaid the remaining US$80 million of its outstanding Senior Notes, which will be cancelled.
Nemak fully refinanced its €500 million 2.25% senior notes due 2028 approximately two years ahead of maturity. The refinancing combined MXN$7.4 billion of previously issued four- and seven-year local bonds, converted into approximately €371 million through interest-rate and cross-currency swaps, with a €130 million five-year bank loan at Euribor +180 bps. Nemak repurchased approximately €447 million, or 89% of the outstanding notes, through a tender offer and redeemed the remaining approximately €53 million. The transaction extended the average life of its debt to 4.2 years, from approximately 3.4 years.
Consorcio Ara’s controlling shareholders Germán Ahumada Russek and Luis Felipe Ahumada Russek intend to launch a tender offer for up to 100% of the company’s shares they and their affiliates do not already own, at a price of approximately MXN$5.63 per share, which represents a 20% premium to Ara’s 30-day volume-weighted average trading price. The offer remains subject to regulatory and corporate approvals. The shareholders stated that the transaction is not intended to delist Ara’s shares from the BMV or deregister them from the National Securities Registry.
Telecom sector. CRT launched an upgraded electronic portal to streamline regulatory procedures for telecommunications and broadcasting concessionaires. The platform adds real-time application tracking, simultaneous file uploads, automatic information saving and immediate receipt downloads. Following the simplification of Registro Público de Telecomunicaciones procedures, 77% of procedures become immediately resolved notices, while processing times decline 83% and documentation requirements decrease 66%.
Other Companies
Altos Hornos de México (Ahmsa) and its subsidiary Minera del Norte (Minosa) will be acquired by Ciesa for US$1.4 billion following an auction under the bankruptcy proceedings overseen by the Juzgado Segundo de Distrito en Materia de Concursos Mercantiles. CIESA must provide a US$56.4 million guarantee within 10 days as required by the federal court overseeing the proceedings.
Pemex’s crude and condensate production declined 0.5% YoY to 1.637 million bpd in August, driven by a 2.7% contraction in crude production to 1.336 million bpd. Crude exports fell 44.9% YoY to 276,000 bpd, the lowest level in at least 40 years, as Pemex allocated more crude to domestic refining.
CFE’s Board approved an organizational restructuring across electricity generation, storage, transmission, distribution, commercialization and supply. The company will consolidate transmission and distribution under a newly created Electricity Networks division to strengthen the reliability of the national transmission and distribution grids. CFE will also reorganize its generation and external-producer activities under a dedicated division and create a separate commercial policy unit. The restructuring includes several management appointments across the new operating structure.
ENI expects its oil and gas production in Mexico to surpass 100,000 boe/d in 2026, after output from the Amoca, Miztón and Tecoalli fields reached 95,700 boe/d. The Italian energy company has invested more than US$6 billion in Mexico and expects cumulative investment to reach US$10 billion during 2026.
Grupo Modelo will purchase an additional 100,000 tons of barley annually from Mexican producers by the 2030 crop cycle. The initiative forms part of the company’s US$3.6 billion investment program in Mexico for 2025–2027 and will use contract farming to expand domestic sourcing.
The National Antitrust Commission approved the US$450 million sale of Telefónica México to Melisa Acquisition, a consortium formed by U.S.-based OXIO and Brazil-based Newfoundland Capital Management. The transaction covers 100% of Pegaso PCS and Celular de Telefonía, which comprise Telefónica México. OXIO plans to maintain Telefónica México’s wholesale agreement with AT&T through 2030 and combine it with infrastructure from other providers to develop a network model more reliant on cloud, software and data. Telefónica México had 21.7 million total accesses at YE25.
General Motors temporarily halted production at its Ramos Arizpe, Coahuila, plant due to part-supply disruptions caused by Hurricane Polo, Axis Negocios reported. The company expected operations to return to normal during September 29th.
Volkswagen expanded its official Mercado Libre store in Mexico to include parts and accessories for Transporter, Crafter, Caddy and Amarok vehicles. The expansion broadens the automaker’s digital distribution channel for original parts in the Mexican market.
AutoZone reached 1,000 stores in Mexico, which represents one of the company’s largest markets outside the United States, supported by continued investment in stores and logistics infrastructure.
Cooperativa La Cruz Azul is investing more than US$300 million in a new cement plant in Seybaplaya, Campeche, while allocating another US$300 million to rehabilitate its Tula facility. The company has also invested US$280 million in the modernization of its Oaxaca plant since 2022 and US$80 million in a cement-bag manufacturing facility in Puebla. Additional investments include more than US$40 million in industrial-waste processing capacity in Aguascalientes.
Nacional Monte de Piedad ended a one-year strike after the institution and its union accepted an agreement brokered through the Secretaría del Trabajo y Previsión Social following more than 70 negotiation meetings. All branches will reopen on October 7th, and customers will receive 45 calendar days without interest charges from the reopening date, plus discounts on interest accrued during the closure based on each customer’s history.
Nafin launched a financing program for the construction and renovation of sustainable buildings in Mexico, with credit lines of up to US$100 million. The program also includes US$1.5 million of technical assistance from Agence Française de Développement and preferential interest rates tailored to each project. Eligible participants include developers, financial institutions, companies and professionals. The program provides technical assistance covering feasibility studies, environmental and social risk assessments, energy optimization and sustainability supervision.
Advent International acquired a majority stake in CONTPAQi, a Mexican enterprise-software provider focusing on SMEs and accounting professionals. CONTPAQi operates a network of more than 6,000 distributors, serves over 1.2 million SMEs and processes monthly payroll for more than 7 million employees. Financial terms were not disclosed.
Binance plans to expand its Mexican operations across cross-border payments, stablecoins and tokenized assets. The company said approximately 60% of stablecoin payments on its platform correspond to cross-border transactions.
Smart Fit plans to open 70 gyms in Mexico during 2026, including 40 in 2H26, increasing its network to more than 520 locations. The company will allocate MXN$1.5 billion from a recently secured MXN$4.5 billion syndicated loan to the 2H26 openings. Management expects fewer openings in 2027 as it becomes more selective in choosing locations to avoid market saturation, supported by AI and data analysis. Smart Fit said its churn rate declined to a record low despite a challenging consumption environment.
Afix Servicios Financieros, Cofine and Grupo Kelq plan to issue a MXN$600 million joint bond through Biva in November, while Jmmetepec and Financiera TV are expected to join through a reopening in 1H27. The reopening could reach approximately MXN$300 million, increasing the combined issuance to MXN$900 million. The initial placement forms part of a MXN$2.0 billion revolving program and would represent the largest joint sofom bond issued in Mexico.
Mexican fintech Finsus is developing a payment solution that will allow users to initiate money transfers through links shared via messaging applications and social networks. The recipient will enter the required banking information directly through the link, eliminating the need for the sender to know the beneficiary’s account details beforehand.
Galgo secured a MXN$1.0 billion credit facility from BBVA Spark to finance motorcycle purchases in Mexico, primarily for independent workers and delivery drivers. More than 80% of its customers previously lacked access to comparable credit products. The company has financed more than 40,000 customers in Mexico since 2022 and currently finances more than 3,500 motorcycles per month in the country.
California Tequila’s revenue declined 76% YoY in 1H26, reflecting weaker U.S. economic conditions, normalization of the spirits market and a deliberate reduction in shipments ahead of the launch of its new Crown Collection packaging. The company sells AsomBroso tequila in the U.S. and Canada, with products manufactured in Mexico by Destiladora de Agave Azul. California Tequila was recently acquired by K Spirits, which holds a 57.8% controlling interest and plans to expand the brand through its Crown and Diamond products.
Economy
Mexico recorded a US$605 million trade surplus in August, versus a US$2.1 billion deficit a year earlier and below the US$1.4 billion consensus, INEGI reported. Exports advanced 40.4% YoY to US$78.0 billion, as non-oil shipments rose 41.7%, while oil exports declined 2.8%. Imports expanded 34.2% YoY to US$77.4 billion, reflecting increases of 34.6% in non-oil purchases and 29.6% in oil imports.
Remittances declined 3.6% YoY to US$5.452 billion in August, ending six consecutive months of annual growth, according to Banco de Mexico. Cumulative remittances increased 2.2% YoY to US$41.802 billion.
Business Confidence (IGOEC) increased 0.1 points MoM to 48.4 points in September based on seasonally adjusted data and declined 1.0 points YoY based on original data.
Light-vehicle sales increased 8.0% YoY to 129,288 units in September, according to INEGI. Cumulative sales rose 5.0% YoY to 1.14 million units.
Economists expect FY26 GDP to expand by 1.40%, up from 1.30%, while FY27 growth remained at 1.80%, according to Banco de México’s monthly survey. FY26 headline inflation projections declined to 3.87%, from 3.90%, and core inflation to 3.90%, from 3.99%. For FY27, headline and core inflation forecasts stood at 3.82% and 3.78%, respectively. The YE26 FX estimate remained at MXN$17.50/US$, versus MXN$18.04/US$ for YE27. The median interbank funding rate prediction was unchanged at 6.50% for both YE26 and YE27.
The federal government maintained the 100% fiscal subsidy on diesel for the third consecutive week, while increasing the stimulus to Magna gasoline to 72.09% (from 62.70% the previous week) and 72.11% on Premium gasoline (from 59.12%).
At least 173 gasoline stations in Mexico suspended diesel sales to avoid losses under adverse domestic market conditions amid international supply and price pressures related to the wars in Iran and Ukraine, according to PetroIntelligence. The affected sites represent approximately 1.3% of Mexico’s more than 13,100 service stations.
Banco de México Governor Victoria Rodríguez said the peso’s recent depreciation does not represent additional inflationary pressure beyond that already incorporated into the institution’s forecasts, while the currency remains appreciated relative to levels earlier this year. Rodríguez also said Banxico will not automatically follow the FED’s monetary policy decisions, as Mexico’s macroeconomic conditions require an independent policy response.
USMCA. Mexico and the U.S. are negotiating an agreement that would reduce U.S. tariffs on Mexican light vehicles to 15%, from 25%, according to Mexican officials cited by El Financiero. The effective tariff would decline to 10–12% because the full rate applies only to non-U.S. content, while Mexico continues to seek better terms. The countries are also negotiating reductions to the current 50% tariffs on Mexican steel and aluminum under section 232.
CETES auction: 28-day CETES -14 bps to 6.01%; 91-day CETES +14 bps to 6.73%; 182-day CETES +10 bps to 7.01% and 349-day CETES +20 bps to 7.44%.
