Markets
En S&P / BMV IPC was down 2.1% over the week due to uncertainty regarding USMCA negotiations and tariffs. Meanwhile, the Mexican peso appreciated 0.2%, closing at MXN$17.28/USD, while the yield of the 10-year M-Bono was down 9 bps to 9.09%.
En S&P / BMV IPC's top weekly gainers were: BOLSA A (+1.4%), FEMSA UBD (+0.8%), and ORBIA * (+0.7%). On the other hand, the main weekly losers were: PEÑOLES * (-8.1%), RA * (-4.6%) and GENTERA * (-4.1%).
MexMoves Podcast
Amazon Mexico Head Explains Strategy; Betterware’s Tupperware Deal; FMTY Lands FIBRAMQ & More. MEXMOVES PODCAST ON SPOTIFY
Pedro Huerta, CEO of Amazon Mexico, explains how the company is adapting its strategy to the Mexican market: faster delivery, local payment solutions, AI-driven shopping, and a deeper push into groceries and everyday essentials. He discusses the launch of “Delivery in Hours,” why saving time is Amazon’s core value proposition for Mexican consumers, how faster delivery can open the door to more daily-use categories, and what AI, Alexa, credit, BNPL and local payment habits mean for the future of shopping in Mexico. He also addresses SAT tax changes and their impact on marketplace sellers, as well as how Mexican SMEs are using Amazon to export.
Damian and Eduardo also break down the week’s biggest business stories: Betterware completed its acquisition of Tupperware Latin America, accelerating its transformation into a regional direct-selling platform; Fibra MTY successfully acquired Fibra Macquarie as AFOREs favored local internalization over global scale; Televisa priced a convertible offering as it prepares for possible AT&T-related M&A; JOi Dollar is raising capital to fund expansion across Mexico; and USMCA negotiations continue amid tariff uncertainty and possible new auto rules.
CORPORATE NEWS
Fibra MTY announced that all conditions required for the successful completion of the tender offer for Fibra MQ’s CBFI’s have been satisfied, including an acceptance level exceeding 80% of Fibra MQ’s outstanding CBFIs. This level of acceptance will allow Fibra MMTY to execute an orderly transition and efficiently integrate Fibra MQ’s operations in coordination with Fibra MQ’s manager and employee team.
Tiendas 3B closed an underwritten public offering of an aggregate 15,299,800 of its Class A common shares at a price of US$32.50 per share, of which 2,695,626 Class A common shares were sold by Tiendas 3B (including 1,995,626 Class A common shares pursuant to the full exercise of the underwriters’ option to purchase additional Class A common shares) and 12,604,174 Class A common shares were sold by certain selling shareholders. Gross proceeds to Tiendas 3B were approximately US$87.6 million and the gross proceeds to the selling shareholders were approximately US$409.64 million, before underwriting discounts and commissions and other offering expenses. The underwriters’ option to purchase an additional 1,995,626 Class A common shares from Tiendas 3B, was exercised in full. Tiendas 3B intends to use the net proceeds from the primary portion of the offering for general corporate purposes, which may include making strategic investments.
Grupo México Transportes remains firmly interested in the privatization process of Argentina’s state-owned freight rail company, denying media reports that suggested it had withdrawn from the transaction.
Grupo Televisa issued MXN$6.9 billion in zero-coupon debentures mandatory convertible into Series “A”, “B”, “D” and “L” shares or CPOs” in one year from their issuance, subject to obtaining the applicable regulatory authorizations. The shares issued to support the conversion of the debentures will represent 19.48% of the company’s capital stock once converted and will be subject to a one-year lock-up period following conversion of the convertible debentures, during which such shares may not be transferred to third-parties. The convertible debentures were privately placed and were subscribed by various investors including Messrs. Emilio Azcarraga Jean, Bernardo Gómez Martinez and Alfonso de Angoitia Noriega, as well as Fintech Latam S.á r.l. (“Fintech”) and Mr. Eduardo Tricio Haro. Once the debentures are converted, Fintech will have a participation, directly and indirectly, of 22.3% of the company’s capital stock and has informed the company that its investment is passive in nature, for which it has entered into the corresponding agreement. Televisa will use proceeds for general corporate purposes, including potential strategic transactions in the Mexican telecom sector, Capex or prepayment of indebtedness.
Cemex will issue US$1.5 billion in 5.750% Senior Notes due 2036 on June 5th, subject to satisfaction of customary closing conditions. The company intends to use the net proceeds for general corporate purposes, which may include the repayment of indebtedness and other financial obligations (including repayment of all or a portion of the outstanding borrowings under certain of Cemex’s credit agreements).
Walmex’s Bait launched two prepaid packages with dedicated data for ViX and social media platforms.
Fibra NEXT has signed a binding agreement to acquire the Atlas portfolio, comprised of 15 industrial properties in premium locations, primarily in northern Mexico, for US$138.2 million with an 8.76% Cap rate, payable in cash. The properties have a GLA of 183,461 M2 with an occupancy rate of 99.6%, and currently are leased to international light manufacturing clients. They are expected to generate an NOI of US$12.1 million from the first year. The transaction is expected to close within the next 60 days. Fibra NEXT has the option to acquire an additional 19,673 m2 property for US$14.8 million within the next 12 months at the same Cap rate. This transaction is subject to the usual closing conditions for this type of transaction, including approval from the National Antitrust Commission. Fibra NEXT appointed Carlos Manzano García as Chief Operating Officer (COO), effective May 25th. Manzano brings more than 25 years of experience in commercial real estate and asset management, having held senior positions at GE Capital and Blackstone and managed institutional funds backed by PSP Investments, Walton Street Capital and ARES Management. Throughout his career, he has overseen real estate investment portfolios of up to US$4 billion and has led corporate governance and compliance initiatives.
Fibra Prologis announced the acquisition of an industrial facility of approximately 590,000 square feet in Toluca for US$94 million including closing costs from Prologis. The building is fully rented to global e-commerce leader.
Corporación Inmobiliaria Vesta announced that the international underwriters have exercised their option to acquire an additional 7,749,200 common shares represented by ADSs at a price of US$34.62 per ADS, as part of its public offering in the US. The gross proceeds from the additional common shares amounted to approximately US$26.8 million. Vesta intends to use the net proceeds to fund its growth strategy.
Gentera expects its loan portfolio to grow 13% in 2026 despite the economic slowdown, according to its CEO Enrique Majós. He added that the NPL ratio has slightly increased but remains within healthy parameters, ranging between 3.0% and 4.5%.
Grupo Aeroméxico reached a labor agreement with its flight attendants union, which included a 4.16% wage increase and improvements to certain contractual benefits. The company avoided a potential strike that could have disrupted operations during the peak summer travel season.
Volaris’ total passenger traffic increased by 7.2% YoY (domestic +4.6% and international +15.9%) to 2.68 million in May, making it the best month of 2026. RPM’s rose 4.9% YoY as the load factor improved by 4.3 PP to 86.2%, which was partially offset by a 0.4% decline in ASM’s. Volaris launched a Querétaro-Dallas route with three weekly frequencies as part of its network strategy ahead of the World Cup.
Grupo Aeroportuario del Centro Norte reported a 3.6% increase in total passenger traffic in May, with domestic traffic rising 4.7% and international traffic down 2.8%
Vinte completed the full amortization of its VINTE 19-2X bond issuance for MXN$407 million using internal cash resources. The security carried a fixed coupon of 10.0% and had an original seven-year maturity.
Fibra Danhos issued MXN$2.1 billion in sustainability-linked Cebures, comprising two tranches of MXN$1.05 billion each. The DANHOS 26L issue has a 5-year term and carries and interest rate with a 120 spread and 9.74% coupon. The DANHOS 26-2L has a 6-year term and carries an interest rate with a 125-bps spread and 9.98% coupon. Both issues received AAA (mex) credit ratings from Fitch Ratings and HR AAA from HR Ratings. The Trust will use proceeds to repay the DANHOS 16 issue, maturing in June 2026, strengthening its debt maturity profile and financial flexibility.
Cydsa issued MXN$1.74 billion in 3-year domestic bonds (“Cebures”) with an interest rate of TIIEF plus 125 bps. These instruments were rated “AA-.mx” by Moody’s and “HR AA+” by HR Ratings.
Grupo Aeroméxico, Viva Aerobus and Volaris announced separate measures restricting transportation to Mexico of international passengers who have traveled within the previous 21 days to Uganda, the Democratic Republic of the Congo and/or South Sudan. The restriction applies to travelers who do not hold a valid Mexican passport or legal residency in Mexico.
BeFra, the parent company of Betterware and Jafra, completed its previously announced acquisition of 100% of the operating assets of the Tupperware brand in Latin America, primarily in Mexico and Brazil, together with a perpetual, exclusive, royalty-free license to use the “Tupperware” trademark throughout the Latin American region.
Grupo La Comer opened the Sumesa Coyoacán, a store that marks the relaunch of the Sumesa format and brand identity as part of the company’s growth strategy to strengthen its presence in the urban convenience retail segment. The new store represents an investment of MXN$80 million and creates 80 formal jobs, including 56 direct and 24 indirect positions. Following this opening, Grupo La Comer now operates 94 stores nationwide.
Fibra Shop’s La Perla shopping center has earned the WELL Health-Safety Rating™, from International WELL Building Institute (IWBI). La Perla becomes the first shopping center and the first FIBRA-owned asset in Mexico to obtain the WELL Health-Safety Rating™.
Médica Sur received the 2025–2026 National Quality Award, becoming the only private hospital in Mexico to earn such a distinction twice, having previously won it in 2013. The award, Mexico’s highest business excellence recognition, highlights organizations that deliver sustained value through quality, innovation, and strong governance.
Other companies
Pemex announced that Rating and Investment Information (R&I) affirmed its credit rating and maintained a Stable outlook, in line with Mexico’s sovereign rating. The agency highlighted Pemex’s strategic role in securing domestic fuel supply, its fiscal contribution to the federal government and the importance of federal support for its financial profile. Pemex said the decision reaffirms the strength of its linkage with the Mexican government.
Banco Plata obtained US$300 million in financing from Oaktree Capital Management and Macquarie Group to strengthen its funding base amid rapid growth in Mexico.
Banco Citi México appointed Héctor Ramírez Daccach as CFO of its brokerage subsidiary, replacing Arturo Muñoz Ledesma. Citi México also appointed José Salazar Fernández as alternative independent director and member of the Audit and Compensation Committees. Salazar brings 39 years of experience in financial markets, treasury, asset management and risk management across Mexico and Latin America. Separately, the bank announced the departure of Gerardo Chávez Sánchez as head of Corporate Services and Public Affairs, with those functions moving to a corporate-level structure.
Dollar General opened five Mi Súper Dollar General stores in Mexico during its fiscal 1Q26, completing half of its target of 10 openings for the year and increasing its Mexican footprint to 21 stores, primarily in Nuevo León and Coahuila. In 2025, the retailer opened eight stores against an original target of 15.
Alpura, plans to increase Mexico’s dairy production from 13 billion to 15 billion liters annually by 2030. To support this expansion, HSBC Mexico granted the company a US$27 million green loan.
Grupo Marti’s Sport City announced a MXN$1.5 billion investment plan for the next five years which includes the opening of five new clubs and the remodeling of another six by 2026, starting with its Eureka and Loreto units, infrastructure upgrade, equipment renovation, and operating strengthening.
HIR Casa, Grupo HIR’s real estate financing unit, expects mortgage lending to grow 20–30% over the next two to three years, supported by its capital-market funding strategy. The company issued its first sustainability-linked bond for MXN$800 million, with a four-year tenor.
Fashion retailer Studio F will invest US$3.5 million in Mexico in 2026 and 2027 under its “Nuevo Capítulo” strategy. The investment will focus on store renovations and strengthening omnichannel capabilities while increasing penetration in the Mexican market.
ECONÓMICO
Gross fixed investment rose 0.4% MoM (seasonally adjusted) in March 2026, above the 0.1% consensus estimate and rebounding from the contractions of the last two months. Machinery and equipment increased 3.1%, while construction fell 2.4%. Nevertheless, gross fixed investment declined 2.6% YoY (original data), also exceeding the -3.1% consensus forecast, with construction down 3.5% and machinery and equipment falling 1.5%.
Private consumption advanced 1.2% MoM (seasonally adjusted) in March 2026, rebounding from the declines of the previous two months, according to INEGI. Domestic goods and services were up 0.9% and imported goods rose 1.6%. Private consumption increased 3.8% YoY (original data), driven by imported goods at 16.9%, while national goods and services grew 0.7%.
Remittances increased by 4.7% YoY to US$4.98 billion in April 2026, marking the second consecutive month of growth. Cumulative remittances were up 2.3% YoY to US$19.44 billion over the first four months of 2026.
The Business Confidence Index declined 0.1 pts MoM (seasonally adjusted) to 48.2 pts in May, accumulating 15 months below the 50-level threshold, according to INEGI. The Business Confidence Index fell 2.0 pts based on original data.
Light vehicle sales increased by 4.9% YoY to 127,100 units in May, according to INEGI. Cumulative light vehicle sales grew 4.9% to a record of 627,609 units.
Fiscal revenues were up 3.8% YoY in real terms MXN$2.97 trillion in the January-April period, MXN$119.1 billion above budget, according to Hacienda. Tax revenues increased 9.9% YoY, exceeding the program by MXN$83.9 billion. Public sector spending declined 3.7% YoY and came in MXN$145.7 billion below budget. The primary balance improved from a MXN$4.1 billion deficit in January-April 2025 to a MXN$182.3 billion surplus, versus a budgeted MXN$1.8 billion surplus, while the public sector deficit narrowed from MXN$271.0 billion to MXN$104.4 billion, significantly better than the programmed MXN$251.8 billion deficit.
The Mexican Government reduced subsidies for regular gasoline to 28.32% (from 51.26%), Premium gasoline to 16.98% (from 43.56%) and diesel to 46.21% (from 64.31%), for the May 30th – June 5th week.
Mexico’s government renewed the Anti-Inflation and High-Cost Basket Package (PACIC) for an additional six months, with participating companies committing to maintain the maximum price of the 24-item basic food basket at MXN$910. The agreement, signed by 20 food producers and retailers, aims to prevent further increases in consumer prices for essential goods. Signing companies include Gruma, Grupo Bimbo, Walmart de México y Centroamérica, Organización Soriana, Chedraui, La Comer, Sigma, Bachoco and Kimberly-Clark de México, among others.
The OECD lowered its Mexico GDP growth forecast for 2026 to 0.8%, from 1.3% previously, citing trade uncertainty and subdued investment. The institution also slightly increased its 2027 estimate to 1.8% from 1.7%.
Mexico’s Economy Ministry and the USTR concluded the first formal round of USMCA review negotiations held in Mexico City on May 28th – 29th. Discussions focused on automotive rules of origin, steel and aluminum, and regional economic security, with both sides emphasizing North America’s integrated supply chains and manufacturing competitiveness. The parties agreed to continue negotiations in Washington, D.C. on June 16th – 17th, adding agriculture and fair competition issues to the agenda, followed by a third round in Mexico City during the week of July 20th aimed at resolving outstanding issues ahead of the joint 2026 review. Mexico and Canada formally requested 16-year extension of the USMCA.
The USTR has proposed a 10% tariff on products from 60 countries, including Mexico, that have failed to impose and effectively enforce a prohibition on imports of goods produced with forced labor. Economy Secretary Marcelo Ebrard stated that 85% of Mexican exports to the US would be exempt from the potential 10% tariff. It would not affect cars, steel and aluminum exports. With respect to the remaining 15% of exports, Marcelo Ebrard indicated that Mexico will hold talks with the USTR over the next 45 days to present progress and commitments regarding the fight against forced labor.
Subasta CETES: 28-day CETES -2 bps to 6.36%; 91-day CETES +7 bps to 6.56%; 175-day CETES -10 bps at 6.69% and 678-day CETES 32 bps to 8.05%.
Descargar PDF: Mexican Market Chatter May 28th – June 4th – ENG