MERCADOS
En S&P / BMV IPC experienced some profit taking (-1.2%) over the week to close at 67,416.22 pts., due to prevailing uncertainty regarding USMCA negotiations. Meanwhile, the Mexican peso lost 0.8%, closing at MXN$17.50/USD, while the yield of the 10-year M-Bono was down 8 bps to 8.87%.
En S&P / BMV IPC's top weekly gainers were: SIGMAF A (+5.5%), ORBIA * (+4.1%), and MEGA CPO (+3.7%). On the other hand, the main weekly losers were: GCARSO A1 (-1.5%), TLEVISA CPO (-8.3%) and GMEXICO B (-5.4%).
MEXMOVES PODCAST
MexMoves interviews Leandro Cuccioli, Senior VP at Mercado Libre, on the company’s Mexico strategy, booming e-commerce sales, Mercado Pago’s fintech ambitions, the impact of AI adoption, market concerns around operating margins that have hit the stock price, and the company’s long-term growth opportunities. First, Eduardo and Damian dissect the main business and economic news of the week, which brought some unusually positive headlines for Mexico: stronger growth data, a welcome low-inflation surprise, renewed momentum behind clean energy investment, and Sinda’s IPO as one of the more interesting new Mexican silver stories. The podcast then discuss two new reports: Hi Ventures on AI adoption across Latin America, and UBS on billionaire family offices, and what makes Latin American plutocrats different from their peers elsewhere.
CORPORATE NEWS
Asur’s Board of Directors will propose the internalization of the technical assistance and technology transfer services currently provided by its strategic partner ITA. The transaction would be executed through the merger of one or more entities into Asur. If approved, Asur expects to issue approximately 7.25 million new shares in consideration for the transaction. The Board also approved two extraordinary cash dividends of MXN$10.00 per share each, payable in November and December 2026, funded from the company’s share repurchase reserve. The proposals will be submitted to shareholders at an Extraordinary Shareholders’ Meeting, with additional details to be disclosed in an information document.
The European Commission approved the combination of Grupo México’s power generation assets with Saavi Energía, a private Mexican electricity generator wholly owned by Global Infrastructure Partners, part of BlackRock. The transaction remains subject to remaining regulatory approvals and is expected to close in 3Q26.
Peñoles’ Fresnillo has entered into an agreement to acquire ordinary shares of Sinda Ltd through a private placement, simultaneously with Sinda’s US$345 million IPO in NYSE. The purchase price per Ordinary Share in the Concurrent Placement will be equal to the per share offering price to be set forth on the cover page of the final prospectus relating to the IPO. Upon completion of the Concurrent Placement, Fresnillo will hold up to approximately 5.0% of Sinda’s issued and outstanding Ordinary Shares, calculated on a non-diluted basis. Sinda is a mining company located in the State of Guanajuato with gold and silver concessions. It expects to launch commercial production to begin in 2031.
GFNorte’s Banco Mercantil del Norte has successfully issued US$1.35 billion in Perpetual Callable Subordinated Non-Preferred Non-Cumulative Tier 1 Capital Notes in international markets. The Capital Notes issued are Basel III-compliant; therefore, they qualify as Tier 1 capital for the entity, and were issued in two tranches: i) US$600 million in NC6.5 Perpetual Notes, callable starting from sixth and a half year after issuance, carrying a coupon rate of 8.000%; ii) US$750 million in NC10 Perpetual Notes, callable starting from the tenth year after issuance, carrying a coupon rate of 8.450%. The notes were rated by Moody’s and S&P Ba3 and BB-, respectively.
Fexi 21 announced it has prepaid MXN$4.547 billion of the loan with Goldman Sachs with the resources it obtained in its first global follow-on offering, as planned.
Femsa’s Oxxo reached an agreement with Infonavit allowing mortgage borrowers to make housing loan payments at its stores nationwide. Borrowers can pay up to MXN$10,000 per transaction, providing greater flexibility and access beyond banking hours. The partnership expands Mexico’s housing loan payment infrastructure through Oxxo’s nationwide network and complements its existing financial services platform.
Fibra Mty reached an agreement to acquire and simultaneously lease back a Class A industrial property in Guanajuato for approximately US$24.1 million plus taxes and transaction costs. The facility comprises about 28,000 m² of GLA on a 96,500 m² site and is fully occupied by a global automotive supply chain company. Upon closing, the seller will sign a 10-year USD-denominated absolute triple-net (NNN) lease with annual CPI-linked rent escalations. The property is expected to generate approximately US$2.1 million in NOI during the first 12 months after acquisition.
Profeco formally requested a detailed incident report from TelevisaUnivision’s ViX platform following a 23-minute streaming outage during the Colombia-Uzbekistan World Cup match on June 17th at the Estadio Ciudad de Mexico. This is the second documented transmission failure in the tournament, following issues at the June 11th inaugural match.
Grupo Bimbo incorporated Microsoft AI tools specifically to optimize its global audit and internal control processes. This application extends the company’s existing Microsoft Copilot implementation — which was first deployed for internal communications and supply chain — to the compliance and risk function, enabling faster identification of deviations and more efficient reporting cycles.
The US Department of Transportation (DOT) maintained its position before a court in favor of revoking the antitrust immunity (ATI) granted to the Delta-Aeromexico JV, despite the agreements between the US and Mexican governments in aviation matters. The DOT’s latest court submission underscores Washington’s continued position that the partnership limits competition in the US-Mexico corridor, citing restrictive slot policies at the AICM. Delta holds a 20% equity stake in Aeromexico. In retated news, Grupo Aeromexico and Grupo Financiero Inbursa jointly launched the Nueva Tarjeta Inbursa Aeromexico, a co-branded travel credit card designed to convert everyday purchases into air travel rewards within Aeromexico’s Club Premier loyalty network.
Grupo Aeroportuario del Centro Norte has achieved the Sustainability Performance Target (“SPT”) associated with its sustainability-linked bonds OMA 22L, OMA 22-2L, OMA 23L and OMA 23-2L. The STP consisted of reducing Scope 1 and Scope 2 greenhouse gas emissions, measured as kilograms of CO2 equivalent per passenger (kgCO2e/PAX), by 58% as of December 31, 2025, compared to the 2018 baseline year. As of 2025, the company achieved an 88% reduction, exceeding the established target.
The BMV has initiated the required procedures to list SpaceX (Nasdaq: SPCX) shares in its international platform (SIC).
Fibra Park Life announced the second phase of its growth plan, adding 632 units across the country’s principal real estate markets at a portfolio value of MXN$4.0 billion.
Fibra Social has secured a simple MXN$1.1 billion loan with BBVA Mexico. The Fibra will use proceeds for general corporate purposes.
Grupo Peña Verde repurchased 10.23 million shares, equivalent to 2.15% of its shares outstanding. Following the transaction, the company directly holds 59.88 million shares, representing 12.56% of its capital stock. Investor Pedro Miguel Escobedo Conover sold 8.78 million shares (1.84%), fully exiting his position after previously holding 8.5% at year-end 2025. Investor Carlos Antonio Luttmann Fox reduced his stake by selling 2.4 million shares (0.51%) from his prior year-end holding of 7.47%. The repurchase is part of a MXN$460 million buyback program approved at the December 2025 extraordinary shareholder meeting.
Nemak plans to issue domestic bonds amounting to MXN$8.0 billion, structured in two tranches at 4 and 7-year maturities.
Gicsa has abandoned its plans to launch a public tender offer for its own shares due to concerns from some investors about a possible delisting from the Mexican Stock Exchange (BMV). The company clarified in a statement that the tender offer was not intended to cancel its listing from the stock market, but rather to provide an orderly option for a limited group of shareholders who had expressed liquidity needs given the current share price.
OTRAS EMPRESAS
Pemex and Petrobras signed a Memorandum of Understanding (MoU) to establish strategic and technical cooperation for jointly evaluating, developing, and executing projects in the hydrocarbon industry. The MoU is valid for two years and may be renewed.
CFE inaugurated the Central de Ciclo Combinado Gonzalez Ortega in Mexicali, Baja California on June 21st, a US$700 million facility exceeding 700 MW of installed capacity. The plant addresses peak demand relief in a region where summer temperatures regularly exceed 50 degrees Celsius. CFE also announced full renovation of distribution cabling in peripheral neighborhoods, and the project advances the administration’s goal of raising Baja California’s self-generation share to 60%. In related news, CFE received a US$500 million credit line from Banco Centroamericano de Integración Económica to support Mexico’s electricity generation capacity expansion.
Mexico’s wind energy industry expects between US$4–5 billion in investments by 2030, driven by the federal government’s new mixed-contract schemes, according to the Mexican Wind Energy Association (AMDEE). The initiative is expected to support the development of approximately 4 gigawatts (GW) of additional renewable energy capacity, expanding Mexico’s clean energy infrastructure and attracting new private-sector investment.
AT&T Mexico must decide by August whether to pay US$86 million to the Comision Reguladora de Telecomunicaciones (CRT) to retain spectrum operating rights.
Hospitales MAC formalized an agreement with Grupo DG to construct its 28th hospital within the SAMÁR mixed-use development in Villahermosa, Tabasco. Total investment exceeds MXN$1.5 billion, of which MXN$950 million is earmarked for construction and equipment of the third-level unit. The project will generate over 1,000 direct and indirect jobs during construction and approximately 500 permanent positions upon opening.
ECONÓMICO
Banco de México left its key interest rate unchanged at 6.50% as widely expected by the latest Citi Mexico Expectations Survey. The decision was unanimous. Looking ahead, the Governing Board believes it will be appropriate to maintain the benchmark interest rate at its current level. It judges that the monetary policy stance is adequate to address the challenges of the macroeconomic environment, including those arising from the international context.
Consumer prices declined 0.11% in the first half of June 2026, below the 0.10% consensus forecast in the latest Citi Mexico Expectations Survey. Core inflation increased 0.19% during the period, slightly below the 0.20% consensus projection, reflecting higher prices in services, particularly other services and housing. Non-core prices fell 1.14%, driven mainly by declines in agricultural prices. The last 12-month headline inflation stood at 3.55%, while the last 12-month core inflation reached 4.12%.
IGAE advanced 1.2% MoM in April 2026, based on seasonally adjusted data, accelerating from a 0.6% increase in March and exceeding the consensus forecast of 0.7%. The monthly result reflected a 2.1% rise in secondary activities and a 0.7% growth in tertiary activities, partially offset by a 0.4% decline in primary activities. The IGAE was up 2.3% YoY in April 2026, based on original data, driven by a 4.4% YoY growth in primary activities, 2.3% in secondary activities and 2.2% in tertiary activities.
Service sector’s revenues grew 0.2% MoM (seasonally adjusted) in April, below the 0.4% increase of the previous month, according to INEGI. Service sector revenues fell 1.9% YoY (original data).
Retail sales increased 0.8% MoM (seasonally adjusted) in April, accelerating from the 0.2% rise of the previous month, according to INEGI. Retail sales were up 4.4% YoY (original data), also stronger than the 2.9% annual growth of the prior month.
Construction activity rose 0.4% MoM and 0.4% YoY in April, según el INEGI.
Unemployment was 2.8% in May, in line with the previous’ year’s figure, according to INEGI.
1Q26 aggregate supply and demand was up 0.3% QoQ in seasonally adjusted terms, decelerating sharply from the 2.4% growth in 4Q25. On the demand side, exports grew 0.8% QoQ and government consumption rose 1.6% QoQ, while private consumption fell 0.8% QoQ and gross fixed capital formation contracted 1.9% QoQ, extending a prolonged investment slump. 1Q26 aggregate supply and demand rose 5.0% YoY based on original data. Government consumption rose 3.4%, private consumption 2.2% and exports 1.4%, which was partially offset by a 3.5% contraction in gross capital formation.
Consensus expects Banxico to keep the policy rate unchanged at 6.50% for YE26 and YE27, according to the latest Citi Mexico Expectations Survey. GDP growth expectations for 2026 decreased to 1.1%, from 1.2%, while the 2027 forecast remained at 1.8%. Headline inflation projections for YE26 declined to 4.23%, from 4.35%, while the YE27 estimate fell to 3.80%, from 3.90%. Core inflation expectations for YE26 held at 4.20%, unchanged from the previous survey, while the YE27 forecast remained at 3.85%. The peso outlook strengthened, with the USDMXN estimate for YE26 improving to 17.92 from 18.00 previously, while the YE27 forecast stayed at 18.50.
USMCA. Secretary of Economy Marcelo Ebrard confirmed that Mexico will formally request a 16-year automatic extension of the USMCA under Article 34.7 of the treaty. Under the treaty’s mechanics, if any party declines automatic extension, the agreement continues for 10 years with annual reviews — the scenario Ebrard described as the floor case.
Hacienda issued US$4.8 billion in an 11-year bond with a 6.25% coupon rate, and raised US$1.5 billion with the reopening of a bond maturing in 2056 with a 6.75% coupon rate. Hacienda will use proceeds to repurchase 100% of the dollar-denominated bonds maturing in 2027 and 2028, and reduce the 2029 maturities of euro-denominated bonds.
Mexico’s federal government announced the Electricity Generation Plan with Renewable Sources and Energy Policy. It contemplates investments of MXN$739 billion over the next five years to add 32 GW of new power-generation capacity by 2030, including 22 GW from renewable sources, led by 12.3 GW of solar and 6.8 GW of wind projects. CFE is expected to provide 79% of the new capacity, while private companies will contribute the remaining 21%.
Mexico’s Telecommunications Regulatory Commission (CRT) announced a phased mobile line registration schedule, based on the last digit of each phone number, running from August 15th to December 31st, 2026. Unregistered lines will be suspended within 72 hours after the applicable deadline, with only emergency services remaining available. The regulator reported that 63 million lines, or 43% of Mexico’s 144.5 million active mobile lines, have already been registered.
Hacienda reduced regular gasoline price subsidy to 9.89% (from 15.22%), left Magna gasoline with no subsidy, and adjusted the diesel price subsidy to 20.89% (from 39.10%) over the June 2026th week.
Subasta CETES: 28-day CETES flat at 6.28%; 91-day CETES -8 bps to 6.48%; 182-day CETES +6 bps at 6.69% and 364-day CETES +12 bps to 7.12%.
Descargar PDF: Mexican Market Chatter June 18th – June 25th ENG