Markets
En S&P / BMV IPC index rallied 4.4% last week to close at 68,929.72 pts due to lower US yields. Meanwhile, the Mexican peso lost 0.4% to close at MXN$18.49/USD; the yield of the 10-year M-Bono was up 3 bps to 9.32%.
En S&P / BMV IPC's top weekly gainers were: TLEVISA CPO (+13.4%), GFINBUR O (+10.4%), and RA * (+9.0%). On the other hand, the index’s main weekly losers were: VOLAR A (-4.3%) and ORBIA * (-0.7%).
Public Companies
Grupo Televisa and Fintech Holdings agreed to acquire AT&T Mexico for US$2.0 billion through a consortium owned 50% by each company. The acquisition will be financed through a combination of cash on hand and non-recourse secured debt financing. AT&T Mexico is the country’s second-largest mobile operator, with 24.7 million wireless subscribers as of YE25, and reported FY25 revenue of MXN$85.4 billion and operating income of MXN$1.4 billion. Televisa expects to account for the acquisition as an investment in a joint venture using the equity method. The transaction remains subject to regulatory approvals and other customary closing conditions and is expected to close in 1Q27.
Grupo Financiero Inbursa filed an application to list Inversiones de Capitales Inca on the BMV following a spin-off of the financial group. Inca’s primary purpose will be to invest in Mexican and foreign companies operating across different sectors of the Mexican economy, with the objective of supporting their growth and job creation. The new issuer will also hold non-financial assets previously owned by Inbursa’s banking, insurance, pension and investment-fund businesses. Through Operadora Inca, the company manages a closed-end private-equity fund focused primarily on medium- and long-term investments in Mexican companies with growth potential. Its clients include Pensiones Inbursa, Seguros Inbursa, Inbursa Seguros de Caución y Fianzas and Banco Inbursa, each accounting for more than 10% of revenue. Inca reported 1H26 revenue declined 28.7% YoY to MXN$1.093 billion, while net income decreased 4.4% YoY to MXN$992 million. The listing date and ticker have not yet been determined.
Andrés and Felipe Chico Pardo met with dozens of institutional investors in New York to present their strategy for Banamex, according to El Financiero. They outlined plans to accelerate lending and recover market share lost during Citi’s ownership. Citigroup is preparing an IPO of its remaining stake for early 2027 and is targeting proceeds of more than US$3 billion. Citigroup will lead the offering alongside Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays, Deutsche Bank, Santander and UBS.
The Slim family reduced its stake in Talos Energy to 17.8% from 23.4%, according to an SEC filing. Grupo Carso completed the acquisition of an additional 30% stake in Talos Energy México last March. Talos Energy plans to develop a Gulf of Mexico hub through its proposed acquisition of Repsol’s interest in Block 29, complementing its participation in the Zama field.
Banco Citi México issued MXN$18.08 billion (US$1.0 billion) of perpetual Additional Tier 1 (AT1) capital securities through a private placement with Citicorp LLC. The securities are subordinated, non-preferred, callable and non-convertible into shares.
Santander México reduced the minimum interest rate on its mortgage portfolio by 35 bps to 8.50%, effective immediately. The bank said the new rate is the lowest among Mexico’s major mortgage lenders and forms part of broader improvements to financing conditions for different customer profiles. Santander México expects the revised terms to benefit more than 19,000 families. Its mortgage portfolio increased 8.5% YoY to MXN$268 billion as of 2Q26.
Grupo Bimbo secured Panco as the buyer of its Nutrella brand in Brazil following an electronic auction conducted by the Conselho Administrativo de Defesa Econômica (CADE). The divestiture is a regulatory requirement for Bimbo’s acquisition of Brazilian bread producer Wickbold. CADE selected Panco after previously rejecting two potential buyers proposed by Bimbo because they did not meet the conditions established under the 2025 antitrust agreement. Financial terms of the Nutrella transaction were not disclosed. Under the same agreement, Wickbold must also divest Tá Pronto, its tortillas and wraps brand.
Cemex plans to cut 70 jobs at its Lyons, Colorado cement plant. The layoffs will take effect on November 21st and form part of the company’s strategy to achieve US$475 million in savings by 2027 through asset optimization and lower expenses. The Lyons facility is one of Cemex’s eight cement and grinding plants in the U.S. and has operated for 46 years.
GAP’s Puerto Vallarta airport, which represented 10% of the company’s YTD passenger traffic, was closed on Saturday at 5:00 PM due to Hurricane Simón and is scheduled to reopen on October 13th at 8:00 AM. The Manzanillo airport, which accounted for 0.4% of YTD traffic, resumed operations on October 12th at 8:00 AM after being closed since Saturday at 6:00 PM.
Mexico’s Antitrust Commission could approve the Volaris–Viva Aerobus merger before year-end, according to Reuters. The regulator could require Grupo Más Vuelos to maintain low airfares, avoid mass layoffs and preserve most existing routes due to limited competitive alternatives. The agency is still defining how it would determine and monitor the routes the combined company would be required to continue operating.
Fibra Macquarie’s Technical Committee concluded that Fibra Mty’s tender offer price is fair from a financial perspective, based on an independent financial advisor’s analysis and fairness opinion.
Sinda appointed Alberto Zinser to its Board of Directors, increasing the Board to nine members, and named Vice President of Finance Scott Cole as interim CFO, replacing Luis Barreto. Cole has more than 30 years of finance experience and participated in Sinda’s NYSE IPO and transition to the public markets. The company also appointed former Newmont executive Alvaro Gomez as Vice President of Investor Relations and Corporate Development, responsible for investor relations and the evaluation and execution of strategic initiatives.
Fibra Vía will conduct the second issuance of additional Series L CBFEs by October 27th for MXN$1.10 billion. The transaction comprises 65.4 million CBFEs, including 36.2 million at MXN$18.95 per certificate and 29.2 million at MXN$14.2125. The securities will be allocated to existing holders that exercised their preemptive rights under the additional issuance approved in April. Settlement will occur through Indeval on a delivery-versus-payment basis.
Grupo Gigante appointed José Antonio Meade Kuribreña as Independent Director and non-executive Chairman, effective January 1st, 2027. Mr. Ángel Losada Moreno will retire as Chairman and Executive Chairman after serving on the Board since 1983 and holding both leadership positions since 2003. Losada Moreno will remain a Proprietary Director and become Chairman Emeritus. The company also appointed Luis Sebastián Sayeg Seade as an Independent Director.
Médica Sur received received the ESG Commitment distinction from AMEDIRH and was recognized by MERCO Responsabilidad ESG 2026. The awards acknowledge the company’s practices related to sustainability, social responsibility and corporate governance.
Banking sector. Total credit expanded 9.0% YoY in August, driven by 12.7% growth in consumer loans, 10.7% in government entities, 9.3% in corporate loans, 5.1% in housing, and 0.4% in financial entities. The sector’s NPL ratio increased to 2.29% from 2.16% a year earlier, while the coverage ratio declined to 148.4% from 150.2%. Monthly net profit reached MXN$199.7 billion, down 1.7% YoY. ROE declined to 16.26% from 17.39%, while ROA decreased to 1.90% from 1.96%. The capitalization ratio stood at 20.77%, compared with 20.56% in June.
Afore system. The Afore system’s net assets increased 13.3% YoY to MXN$9.12 trillion in September, with Profuturo (18.1%), SURA (15.0%), and Coppel (13.6%) recording the fastest annual growth. The system’s investment portfolio comprised government debt at 50.59%, international equities at 15.07%, private domestic debt at 11.05%, structured investments at 7.95%, domestic equities at 6.47%, Fibras at 3.05%, commodities at 1.17%, foreign debt at 0.56%, and other investments at 4.09%.
Telecom sector. The Chamber of Deputies approved a nominal 12% reduction in annual spectrum fees paid by telecommunications operators under the 2027 Federal Duties Law. The measure covers the 800 MHz, PCS, AWS, 1.4 GHz, 2.5 GHz and 3.5 GHz bands. Annual fees for the PCS and AWS bands will decline to MXN$4,192.79 per kilohertz from MXN$4,764.53, while 800 MHz fees will fall to MXN$4,199.69 from MXN$4,772.37. The 2.5 GHz fee applicable to Baja California, Baja California Sur and San Luis Río Colorado, Sonora, will decrease to MXN$1,718.86 per kilohertz from MXN$1,953.25. The legislation was sent to the Senate for consideration.
Airline Sector. The U.S. Federal Aviation Administration identified 21 technical, operational and administrative deficiencies that Mexico must address to preserve its Category 1 aviation safety rating, according to El Financiero. The findings involve updates to regulations, circulars and manuals, as well as improvements to inspection programs, training and staffing. The FAA will review Mexico’s progress in December, effectively setting that month as the deadline for the Agencia Federal de Aviación Civil to demonstrate corrective action. Mexico would retain Category 1 if the deficiencies are resolved, while failure to demonstrate adequate oversight capacity could result in a downgrade notification as early as February. A Category 2 downgrade would prevent Mexican airlines from adding new U.S. routes, frequencies or aircraft to existing U.S. services.
Other Companies
HR Ratings affirmed Pemex’s long-term national-scale rating at ‘HR AAA’ with a stable outlook and revised its global long-term rating to ‘HR BBB (G)’, also with a stable outlook, following the sovereign rating action on Mexico. The agency highlighted lower financial debt, recovering revenues and operating cash flow, an improved maturity profile and stronger liquidity relative to its previous review. HR Ratings also noted an operational recovery during 2026, supported by higher liquids production and a reserve replacement rate above 100%. The assessment reflected Pemex’s refinancing transactions and financial-strengthening strategy coordinated with SHCP.
Pemex announced that gasoline, diesel and other fuel supply is guaranteed across regions affected by Hurricane Simon, supported by sufficient inventories and reinforced emergency protocols at maritime terminals and storage and distribution facilities. CFE restored 100% of electricity service in the 13 affected municipalities in Guerrero and one municipality in Oaxaca after deploying 3,139 electricians, 427 cranes, 904 light vehicles, 208 emergency generators and four helicopters.
Altos Hornos de México and Minera del Norte’s asset auction was declared void after Construcciones e Ingenierías Electromecánicas (CIESA) failed to post the required US$56.3 million guarantee. CIESA had agreed to pay US$1.4 billion for the assets but missed the deadline to provide the guarantee. None of the other prequalified bidders posted the required amount. The bankruptcy trustee said Banca Afirme and Cargill Nutrición Animal México could still form a consortium to submit a joint offer for the assets.
Arcosa Meyer Utility Structures inaugurated a new galvanizing facility in Monclova, Coahuila, following a MXN$2.1 billion investment. The expansion strengthens the company’s manufacturing capacity for galvanized steel structures used in electricity transmission and distribution infrastructure. The project is expected to create 400 direct jobs and more than 1,000 indirect jobs.
Volkswagen de México workers rejected the proposed collective bargaining agreement for a second time, leaving the strike notice in place. The rejected package contemplated a 13.16% cumulative compensation increase over two years, including salary and benefit adjustments. The union and company will need to resume negotiations to reach a new agreement before the strike deadline.
American Airlines will suspend its Tulum–Miami service on January 5th, 2027, as part of an adjustment to its seat capacity. The carrier will also discontinue its route between Tulum and Los Angeles in early January. American Airlines will retain only its Dallas Fort Worth–Tulum connection, with one daily flight. American Airlines joins Avianca, Copa Airlines, AeroMéxico and Volaris among carriers that have discontinued or plan to discontinue service at Tulum International Airport. Air Canada, Air Transat, WestJet and United Airlines are expected to resume Tulum flights during the year-end season.
Thor Urbana reached 100% occupancy at TU Park Apodaca I after signing a 10-year lease with Cadrex for 350,000 square feet. The agreement completed the leasing of the industrial park’s 450,000 square feet of rentable area less than one year after its inauguration. TU Park Apodaca I and TU Park Apodaca II represent a combined investment of MXN$3.5 billion in Nuevo León. TU Park Apodaca II will add 1.6 million square feet of rentable industrial space across seven Class A buildings.
Woodside Energy, an Australian oil and gas company, appointed Stephane Drouaud to lead its Mexico operations as the US$7.2 billion Trion deepwater project advances toward first production in 2028. Trion was 64% complete as of 2Q26, with drilling and subsea equipment installation underway, and has estimated production capacity of up to 100,000 barrels per day. Woodside owns a 60% interest in the project, while Pemex holds the remaining 40%. Drouaud will also retain his position as vice president of the Trion project and relocate to Mexico City.
Paymentology, a global payment-card issuer processor that provides payment-processing infrastructure to banks, fintechs and other financial institutions, designated Mexico as a strategic market for its Latin American growth strategy. The company plans to strengthen its local operations and technological capabilities as part of a US$175 million investment program across priority markets.
Dr. Simi, the healthcare brand associated with Mexican pharmacy chain Farmacias Similares, has entered Mexico’s veterinary clinical-testing market with the opening of its first SimiPet Care laboratory.
Kontempo, a Mexican fintech that provides working-capital financing to small and medium-sized companies, raised US$10.5 million in a Series A funding round co-led by Portage and IGNIA, with participation from Tectonic and MS&AD. The transaction increased the company’s cumulative debt and equity funding to more than US$40 million. Kontempo will use the proceeds to expand its technology platform, financing products and operations in Mexico.
Conekta, a Mexican payments fintech, has repositioned itself as a non-bank acquirer, allowing it to connect directly with Visa and Mastercard and offer merchants higher payment-approval rates, lower fees and enhanced fraud controls, according to an interview with CEO and co-founder Héctor Cárdenas in Axis Negocios. The company reduced chargebacks to below 0.2%, compared with a 2.0–2.3% domestic industry average, supported by proprietary artificial-intelligence tools. Conekta also partnered with BBVA México and Spark to develop Pago Directo, which authenticates payments through facial identification in the bank’s app without requiring customers to enter card details.
Latin American payments technology company tapi launched Autopay, a recurring-payment solution that allows users to authorize direct debits through their banking applications. The platform connects more than 20 financial institutions in Mexico and has a potential reach of over 80 million users. PASE will be the first implementation, allowing toll users to link their tags directly to debit accounts for automatic charges after each crossing. PASE accounts for close to 80% of Mexico’s electronic toll transactions. tapi plans to extend Autopay to recurring services including electricity, gas, internet and telecommunications.
YuMovil, a Mexican mobile virtual network operator (MVNO), launched shared data pools and white-label telecommunications services aimed at corporate clients. The offering allows companies to distribute mobile data capacity across multiple lines and enables third parties to market telecommunications services under their own brands.
Fintoc launched a recurring-payments solution in Mexico for credit providers, insurers, service companies and subscription businesses. The platform supports recurring charges through direct debit and cards, with fixed or variable amounts, and subscriptions through Apple Pay and Google Pay. It identifies failed-payment causes, schedules automated retries and offers settlement alternatives through cards, SPEI or cash. Fintoc also integrated its AI agent, Luna, to analyze transactions and execute authorized actions, including refunds and CLABE creation. Mexico processed 47.7 million direct debits worth MXN$266.148 billion in 1Q26.
STP, a Mexican fintech that provides electronic payment infrastructure and direct connectivity to SPEI, appointed Ricardo Olmos as CEO. Olmos previously served as the company’s chief operating officer and will lead STP’s next growth phase as electronic transfers continue to gain adoption in Mexico.
Grupo Trafalgar, a Mexican financial group with brokerage, electronic payments and asset management operations, is exploring participation in the Mexican and U.S. capital markets to expand its access to capital and support growth. The company said any transaction would require regulatory and corporate approvals in both countries.
Economy
HR Ratings downgraded Mexico’s sovereign rating to ‘HR BBB’ from ‘HR BBB+’, with a stable outlook, reflecting deteriorating fiscal balances and a weaker economic growth trajectory. The agency expects public debt to continue increasing as fiscal requirements remain above 4% of GDP, despite the government’s consolidation efforts. HR Ratings projects public debt at 61.2% of GDP by 2030 and 65.6% by 2033. The agency lowered its 2026 real GDP growth forecast to 1.3% and its long-term growth estimate to 1.5%, citing weak investment and stagnant productivity.
ANTAD’s SSS increased 0.9% YoY in September, as specialized retail rose 4.8%, while self-service and department stores declined 0.3% and 0.8%, respectively. Total sales increased 3.7% YoY, with specialized retail up 9.4%, self-service up 2.6% and department stores up 0.3%.
Industrial activity increased 0.6% MoM on a seasonally adjusted basis in August, above the 0.0% consensus estimate and marking its third consecutive monthly expansion, driven by 1.2% growth in manufacturing and 1.2% in utilities, while construction remained unchanged and mining contracted 1.6%. Industrial activity expanded 3.5% YoY on original data, above the 2.6% consensus, supported by 7.5% growth in construction, 3.2% in manufacturing and 1.6% in utilities, partially offset by a 0.8% decline in mining.
Heavy-vehicle retail sales declined 11.9% YoY to 2,980 units in September, while wholesale sales decreased 5.4% to 2,965 units. Heavy-vehicle production increased 112.5% YoY to 15,067 units in September, while exports rose 105.4% to 12,923 units.
International visitor arrivals increased 7.8% YoY to 8.9 million in August. Total spending by international visitors rose 8.6% YoY to US$2.36 billion, while average spending per international tourist advanced 2.1% to US$520.40.
Foreign holdings of Mexican government debt securities increased 1.23% MoM to MXN$1.807 trillion (US$99.0 billion) in September, while foreign investors’ share of total government debt remained unchanged at 11.12%. Foreign holdings of Bonos M rose 1.89% MoM, increasing their share of outstanding Bonos M by 59 bps to 26.89%. Bonos M represented 85.3% of Mexican government securities held by foreign investors.
Foreign investment in Mexican equities registered net capital outflows of US$205.8 million in September, marking the fourth consecutive month of withdrawals. Cumulative net capital outflows totaled US$756.1 million in the first nine months of 2026, down from US$7.366 billion in the same period of 2025 and the lowest nine-month outflow in six years. Separately, the market value of foreign investors’ Mexican equity holdings declined 6.9% MoM to US$180.227 billion, reflecting both capital flows and changes in the peso and equity valuations. Foreign equity holdings stood 12.7% below the record US$206.409 billion reached in February.
Mexico eliminated the 10% tariff on automotive parts and components imported from all countries for five years. The exemption applies to terminal automotive companies authorized to operate bonded warehouses for vehicle assembly and manufacturing under the Ley Aduanera.
The Chamber of Deputies approved the 2027 Revenue Law, which projects MXN$10.63 trillion in federal revenues, up 0.7% YoY from the amount approved for 2026. Lawmakers expanded the 2027 Fiscal Regularization Program by eliminating the MXN$300 million revenue ceiling, extending eligibility to larger taxpayers. The program allows taxpayers to eliminate fines, surcharges and enforcement expenses after paying the underlying tax liability. The legislation was turned over to the Senate for consideration.
The Chamber of Deputies, with support from Morena and its allies, approved the 2027 Federal Fees Law, increasing charges for several government services, procedures and permits. The changes include higher fees related to tourism, use of Mexican airspace and railway infrastructure.
USMCA. Progress toward a U.S.–Mexico tariff agreement stalled amid opposition from U.S. Commerce Secretary Howard Lutnick, according to El Wall Street Journal. The proposed agreement would reduce U.S. tariffs on Mexican steel, aluminum and automobiles in exchange for concessions from Mexico, ahead of broader USMCA negotiations. Lutnick apparently opposes significant reductions to the 25% tariff on Mexican automobiles and the 50% tariffs on steel and aluminum, including derivative products. The two countries have not scheduled a fourth round of bilateral trade and tariff negotiations.
Subasta CETES: 28-day CETES +16 bps to 6.25%; 91-day CETES -23 bps to 6.55%; 182-day CETES -12 bps to 6.79% and 364-day CETES -33 bps to 7.11%.
