INVESTOR RELATIONS OFFICE



Beta version of the IRO website
If you have any comments or suggestions, please email us at: ori@hacienda.gob.mx

Summary of the Main Indicators of Public Finances


 

Frequently Asked Questions


The Investor Relations Office (IRO) of the Ministry of Finance and Public Credit (MoF) is the responsible office of releasing accurate and reliable economic data, as well as meeting the needs of analysts and investors to develop an ongoing dialogue with Mexican financial authorities. The IRO offers the following services:

  • Providing periodical information on the economic environment and the situation of Mexico's public finances and public debt.
  • Organizing quarterly conference calls to discuss the economic outlook, as well as the country's public finance and debt situation.
  • Publishing a summary of economic programs and information related to events and/or actions of an official nature, relevant to the economic environment and/or to the evolution of public finances and debt.
  • Answering questions related to financial and economic data of the public sector.
  • Answering questions about economic programs and, in general, about the economic policy strategy, public finances or public debt.
  • Inviting all analysts and followers of Mexico's economic environment to join its mailing list to receive timely information from the MoF.

The IRO is attached to the Economic Planning Unit, which works together with the Public Credit Unit in order to release the Federal Government’s debt and public finance management strategy:

Unit Goal Head of Unit
Economic Planning Unit
  • Proposing the short and medium-term macroeconomic policy guidelines for the Federal Government, considering the effects of sectoral policies on public finances.
  • Consolidating the federal public sector deficit.
  • Releasing aggregate government finance statistics in a timely manner.
  • Monitoring the economic situation of public finances and public debt.
Cajeme Villarreal Camero
Public Credit Unit
  • Formulating, proposing, implementing and evaluating the debt policy, guidelines and programs for raising funds in the money and capital markets, in accordance with the financial conditions of the country and international financial markets.
  • Meeting the financing needs of the Federal Government, Mexico City and State enterprises within a framework of responsibility and promoting the development of local debt markets.
José De Luna Martínez

The IRO provides the following contacts:

  • If you are a (potential) investor or represent a financial institution or international organization, please fill out the following form and send it to: ori@hacienda.gob.mx 

The IRO is located at Av. Insurgentes Sur No. 1971 (Plaza Inn), Tower III, 10th Floor, Guadalupe Inn, Del. Álvaro Obregón, México City, C.P. 01020.

The IRO does not address questions related with payment of taxes. A brief guide to the tax regimes for holders of Federal Government securities is provided below.

For complete advice, you should contact the Tax Administration Service (SAT), a decentralized agency of the MoF whose purpose is to collect federal taxes and other items intended to cover the expenses foreseen in the Federal Expenditure Budget.

You can receive assistance by e-mail: asisnet@sat.gob.mx; or directly on its website: www.sat.gob.mx.

The IRO does not provide assistance for opening businesses or promoting products/investments in Mexico and abroad. The Ministry of Economy (MoE) is the government agency in charge of providing advice to entrepreneurs in Mexico and, in general, of the necessary procedures for commercial activities.

For further guidance, please visit the Foreign Direct Investment site of the MoE to learn more about the registration of foreign investments, the procedures manual and the legal framework for investment in Mexico.

The IRO makes available a presentation document of the Federal Government's securities as well as the the requirements to participate in the primary auctions, which can be done through a Market Maker or through another credit institution.

Bank of Mexico (Banxico), which acts as the Federal Government's financial agent, provides more detailed information regarding the auctions and placement of securities. We invite you to consult its website for more information.

Furthermore, if you would like to consult more information on outstanding government securities holdings, we invite you to consult Banco de México's database.

Public finance and public debt statistics can be consulted on the website of the Ministry of Finance:

In the Economic Information Bank of INEGI you can consult economic information as well as historical series:

Banco de México also has an Economic Information System where you can find information on the foreign exchange and securities markets, interest rates, balance of payments, among other information:

Finally, the Ministry of Economy's Data Mexico site offers a wide range of databases on trade, production, employment, education and demographics, among others, for the entire country:

For any further questions, please contact us at ori@hacienda.gob.mx

Contact


Notas tecnicas ori@hacienda.gob.mx

Notas tecnicas +52 (55) 36 88 2618 | +52 (55) 36 88 2679

Notas tecnicas 1971 Insurgentes Sur Av. (Plaza Inn), 3rd Tower, Floor 10, Guadalupe Inn, 01020, Mexico City.

ESG and Rating Agencies


The Environmental, Social and Governance (ESG) considerations are a set of parameters that define investments with positive social impact, combined with competitive long-term financial returns.

ESG considerations are composed of the following factors:

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Moody’s rating agency recently incorporated the ESG factors on Mexico's sovereign rating (Baa1). Each component scores from 5 to 1, considering 1 as a positive impact and 5 as a high negative impact.

Mexico's ESG Credit Impact Score (CIS) is moderately negative (CIS-3). This reflects the country's moderate exposure to environmental risks, balanced by higher governance and social risks without prejudice to the soundness of its macroeconomic framework. Other countries with a similar score are Chile, Paraguay, Panama, Italy, Portugal and Thailand.

 
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  • Environmental: Mexico is exposed to risk of carbon transition in the medium and long term. Nevertheless, the size and diversity of the economy help mitigate the impact of the country's exposure to physical climate risk. Mexico's score: E-3 Moderately Negative, equal to the Netherlands (Aaa) and Chile (A1).

  • Social: Mexico faces moderate challenges in the provision and quality of basic services, and risks related to the aging of the population. Mexico's score: S-3 Moderately Negative, equal to the United States (Aaa), Hong Kong (Aa3) and Spain (Baa1).

  • Governance: The government of Mexico maintains a strong track record of effective fiscal and monetary policymaking, as well as the strength of key institutions that support macroeconomic stability. Mexico score: G-3 Moderately Negative, equal to Russia (Baa3) and Costa Rica (B2).

 

Fitch Ratings agency only considers the Governance criteria in the sovereign methodology as highly relevant for the credit rating of Mexico. ESG scores range from 3-5, where 3 is neutral and 5 is the most relevant.

 
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  • Political Stability and Rights: reflects a recent history of peaceful political transitions and a moderate level of rights to participate in the political process. Mexico score: ESG-5, same as the United States (AAA) and Canada (AA +).

  • Rule of Law, Institutional & Regulatory Quality and Control of Corruption: moderate institutional capacity, an established rule of law and a moderate level of corruption. Mexico score: ESG-5, same as the United States (AAA) and Canada (AA +).

  • Human rights and Political Freedoms: Freedom of expression and accountability are a relevant factor for the sovereign rating. Mexico score: ESG-4, same as the United States (AAA) and Canada (AA +).

  • Creditor Rights : The willingness to service and repay debt is relevant to the rating. Mexico score: ESG-4, same as the United States (AAA) and Canada (AA +).

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  • The ESG assessment is currently available only for the corporate sector.

 

Last update: Mayo 17th, 2021.

Sustainable Sovereign Bond


After committing to the 2030 Agenda, Mexico has shown a clear commitment to advance towards the United Nations Sustainable Development Goals (SDGs). The necessary institutional architecture has been developed through the creation of the National Council for the 2030 Agenda and the Specialized Technical Committee on Sustainable Development Goals. In addition, the Ministry of Finance has been incorporating a sustainability approach to the budget process by linking resources to reducing national lags in the different SDGs.

The commitment of the Ministry of Finance with sustainability has led to the development of the Framework of Reference for Sovereign Bonds consistent with the SDGs, which seeks to promote sustainable financing and respond to the growing demand of investors for instruments with social and environmental impact.

Small Investor


cetesdirecto
 
 
 
 
Do you want to invest your money in government securities?

 

Through cetesdirecto® you can invest directly in government securities without the intermediation of the bank, brokerage house or other institutions. It is very simple and you can invest since 100 pesos.

Created by SHCP and operated by Nafin Logo SHCP y Nafin

Icono Ventajas Advantage

  • Does not charge any commission.
  • You can have your money whenever you want and without penalty.
  • You can start saving from $ 100 pesos and there’s no need to maintain a minimum balance.
  • You can open and operate your account in a few minutes, from the internet.
  • No financial intermediaries.
  • Your money keeps its value and you can have it whenever you decide.
  • Risk-free investment.
  • Support from the Government of Mexico.

Icono Requisitos Requirements

  • Being 18 years or older.
  • Being a Mexican resident.
  • Having a bank account.
 

See more information and become an investor


Go to Cetesdirecto

Investors’ Handouts


International Market Operations


Presentations

Last update: January 2021

Latest press releases

Market Makers


In Mexico, Market Makers are credit institutions and brokerage houses, appointed by the Ministry of Finance and Public Credit, whose mandate is to actively participate in the fixed-rate securities market.

These institutions are obliged to present bids at competitive prices in each of the primary auctions of these securities, as well as to permanently quote purchase and sale prices in the secondary market in order to provide liquidity and facilitate investment in this market.

For more information related to the Market Makers program see:

In this section, the institutions appointed to participate in auctions of Bonds and Udibonos are presented on a monthly basis.


Programa de Subastas de Valores Gubernamentales Presentación
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Primer Trimestre PDF
Modificaciones Primer Trimestre PDF
Segunda Modificación Primer Trimestre PDF
Segundo Trimestre PDF
Tercer Trimestre PDF
Cuarto Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Primer Trimestre PDF
Segundo Trimestre PDF
Tercer Trimestre PDF
Cuarto Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Primer Trimestre PDF
Segundo Trimestre PDF
Tercer Trimestre PDF
Cuarto Trimestre PDF
Modificaciones Cuarto Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Primer Trimestre PDF
Segundo Trimestre PDF
Tercer Trimestre PDF
Cuarto Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Primer Trimestre PDF
Segundo Trimestre PDF
Modificaciones Segundo Trimestre (Uso de Remanente) PDF
Tercer Trimestre PDF
Cuarto Trimestre PDF
Modificaciones Cuarto Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Programa de Subastas de Valores Gubernamentales Presentación
Cuarto Trimestre PDF
Tercer Trimestre PDF
Segundo Trimestre PDF
Primer Trimestre PDF
Market Makers and Aspirants Bonds Udibonos
September PDF PDF
August PDF PDF
July PDF PDF
June PDF PDF
May PDF PDF
April PDF PDF
March PDF PDF
February PDF PDF
January PDF PDF
Market Makers and Aspirants Bonds Udibonos
December PDF PDF
November PDF PDF
October PDF PDF
September PDF PDF
August PDF PDF
July PDF PDF
June PDF PDF
May PDF PDF
April PDF PDF
March PDF PDF
February PDF PDF
January PDF PDF
Market Makers and Aspirants Bonds Udibonos
December PDF PDF
November PDF PDF
October PDF PDF
September PDF PDF
August PDF PDF
July PDF PDF
June PDF PDF
May PDF PDF
April PDF PDF
March PDF PDF
February PDF PDF
January PDF PDF
Market Makers and Aspirants Bonds Udibonos
December PDF PDF
November PDF PDF
October PDF PDF
September PDF PDF
August PDF PDF
July PDF PDF
June PDF PDF
May PDF PDF
April PDF PDF
March PDF PDF
Market Makers and Aspirants Bonds Udibonos
December PDF PDF
September PDF PDF
June PDF PDF
March PDF PDF
Market Makers and Aspirants Bonds Udibonos
March PDF PDF
June PDF PDF
September PDF PDF
December PDF PDF

Government Securities Auctions


 
 
 
Cetes (short term, fixed rate)

Weekly (every Tuesday) an auction of Cetes will be held with a term of 28, 91, 182 and 364 days with a range of 5,000 to 20,000 million pesos (mp).

Date Jun-29 Jul-06 Jul-13 Jul-20 Jul-27 Aug-03 Aug-10 Aug-17 Aug-24 Aug-31 Sep-07 Sep-13 Sep-21 Sep-28
M Bonds (long term, fixed rate)
Date Jun-29 Jul-06 Jul-13 Jul-20 Jul-27 Aug-03 Aug-10 Aug-17 Aug-24 Aug-31 Sep-07 Sep-13 Sep-21 Sep-28
Term 30 years 5 years 10 years 3 years 20 years 5 years 30 years 3 years 10 years 5 years 20 years 3 years 30 years 5 years
Amount (mp) 3,800 9,000 9,500 6,000 3,500 9,000 3,800 6,000 9,500 9,000 3,500 6,000 3,800 9,000
Udibonos (long term, fixed rate)
Date Jun-29 Jul-06 Jul-13 Jul-20 Jul-27 Aug-03 Aug-10 Aug-17 Aug-24 Aug-31 Sep-07 Sep-13 Sep-21 Sep-28
Term 3 years 10 years 20 years 30 years 3 years 10 years 20 years 30 years 3 years 10 years 20 years 30 years 3 years 10 years
Amount (mp) 800 450 920 1,150 800 450 920 1,150 800 450 920 1,150 800 450

Note: The value of the placement considers the value of the UDI at 6.822585, the minimum amount of the range to be placed in the CETES auctions is also considered. In the event of placing an instrument through the syndicated auction method, the syndicated instrument will replace the security to be placed in the primary auctions.

Bondes D (long term, adjustable rate)

During 3Q 2021, a total weekly placement amount of Bondes D will be maintained at 4,000 million pesos. The amount to be auctioned for a term of 1, 2, and 3 years maintains a scheme of communicating vessels with a fixed amount to be auctioned for up to 11,000 million pesos during the quarter, giving priority to competitive bids for the longer term. In 5 years, it will be auctioned at a fixed amount for 2,000 million pesos every two weeks.

Date Jun-29 Jul-06 Jul-13 Jul-20 Jul-27l Aug-03 Aug-10 Aug-17 Aug-24 Aug-31 Sep-07 Sep-13 Sep-21 Sep-28
Term 1,2 y 3 A 5 A 1,2 y 3 A 5 A 1,2 y 3 A 5 A 1,2 y 3 A 5 A 1,2 y 3 A 5 A 1,2 y 3 A 5 A 1,2 y 3 A 5 A
Amount (mp) 11,000 2,000 11,000 2,000 11,000 2,000 11,000 2,000 11,000 2,000 11,000 2,000 11,000 2,000
A: years
 
 

Publication Calendar


Document

Publication date

Monthly Report on Public Finances and Public Debt as of July

August 30th, 2021

2022 General Economic Policy Guidelines

  • Preliminary General Economic Policy Guidelines
  • Income Law Initiative
  • Expenditure Budget Project
  • Fiscal Miscellaneous
September 8th, 2021

Monthly Report on Public Finances and Public Debt as of August

September 30th, 2021

Third Quarter Report on Public Finances and Public Debt

November 1st, 2021

Monthly Report on Public Finances and Public Debt as of October

November 30th, 2021

Monthly Report on Public Finances and Public Debt as of November

December 30th, 2021

Debt Strategy and Financing Plan


Debt Strategy Objectives for 2021

  • To cover the financing needs of the Federal Government at an adequate cost and risk level, given the characteristics of the country's public finances and the prevailing market conditions.
  • To improve the debt maturity profile as well as to reduce its cost and risk characteristics.
  • To carry out a comprehensive management of the risks of the public debt portfolio.
  • To promote the participation of the capital markets in instruments aligned to the ESG criteria (Environmental, Social and Governance).

 

Public Finance and Debt Report


The Quarterly Reports include an update on the situation of the Mexican economy, the main financial and public debt results in the corresponding period.

The Monthly Reports include the main public finance and public debt results.

The Preliminary General Economic Policy Guidelines is the document in which the dialogue with the Congress of the Union about the budget process for the following fiscal year begins. The document includes the economic and public finance perspectives for the end of the current fiscal year and the following one. It also includes the estimation of the main macroeconomic variables, the priority programs and their respective desirable amounts. The Federal Executive, through the SHCP, delivers the document to the Congress of the Union no later than April 1st of every year.

The General Economic Policy Guidelines is one of the documents that make up the Economic Package for each fiscal year (together with the Income Law initiative, the Expenditure Budget Project and the Fiscal Miscellaneous). It includes an update of the international and national economic situation, the estimation of the main macroeconomic variables. These are used to formulate the estimates of public finances for the current and the following fiscal year, to establish the direction of the economic policy as well as to make medium-term projections. The Federal Executive Branch delivers the Economic Package to the Congress of the Union no later than September 8th of every year.

The Annual Borrowing Plan contains the elements of the public debt policy of the Federal Government as well as of the public entities who are recurring debt issuers.


2021 Press Release Complete document Audio1
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2002 Press Release Complete document Audio1
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Public Finances Statistics


                                          
                                                                                 

                               

                 

 

For more information consult our complete database on Timely Public Finances Statistics.

State-Owned Entreprises


PEMEX

 
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Latest revision
Report
CRA3 Ba3 Negative July-27-2021 PDF
CRA3 BBB Negative December-04-2020 PDF
CRA3 BBB+ Negative April-30-2021 PDF

CFE

 
Rating
Outlook
Latest revision
Report
CRA3 Baa1 Negative May-03-2021 PDF
CRA3 BBB Negative March-27-2020 PDF
CRA3 BBB- Stable July-21-2021 PDF

Federal Government Rating


 
Rating
Outlook
Latest revision
Rating Agency Report
SHCP Press Release
CRA3 Baa1 Negative April-29-2021 PDF PDF
CRA3 BBB Negative June-15-2021 PDF PDF
CRA3 BBB- Stable May-17-2021 PDF PDF
CRA3 BBB+ Negative April-30-2021 PDF PDF
CRA3 A- Negative March-19-2021 PDF PDF
CRA3 BBB Stable May-06-2021 PDF PDF
CRA3 BBB Negative May-06-2021 PDF PDF
CRA3 BBB+ Negative August-18-2020 PDF PDF
 
 
Rating
Outlook
Latest revision
Rating Agency Report
  Baa1 Negative April-29-2021 PDF
  BBB+ Negative June-15-2021 PDF
  BBB- Stable May-17-2021 PDF
  BBB+ Negative April-30-2021 PDF
  BBB Stable May-06-2021 PDF
  BBB Negative May-06-2021 PDF
  A+ Negative March-19-2021 PDF

Federal Government Security Holdings


Government Securities Holdings by Sector

% of the total

 

Foreign Holdings by Federal Government Domestic Securities

MXN Billion

 

Last update: with data as of September 14th, 2021.

Source: Bank of Mexico.

 

External Debt of the Federal Government


Holdings of External Debt

Maturity Profiles


Last update: July 31st with data as of June 2021.

Technical Notes


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Public Sector Debt


Historical Balance of the Public Sector Borrowing Requirements

Public Sector Borrowing Requirements

  2020 2021e Change in percentage points
Issuer bn pesos % GDP bn pesos % GDP
Total 3,692 16.1 3,490 14.0 -2.0
Federal Government 2,539 11.0 2,313 9.3 -1.7
Development Banks 624 2.7 675 2.7 0.0
SOEs1 240 1.0 211 0.8 -0.2
Other Issuers2 289 1.3 292 1.2 -0.1

    bn: billion pesos.

    1 State-Owned Enterprises: Pemex and CFE.

     2 FIRA, FONACOT and IPAB.

    Source: 2021 Annual Borrowing Plan.

Source: 2022 General Economic Policy Guidelines.

e: Year End Estimate.

More details | Download data

 

Gross Debt of the Federal Government


Last update: July 31st with data as of June 2021
 
 

Main Macroeconomic Indicators of Mexico


GDP
1.5% QoQ
19.6% YoY
 
n.s.a.
2Q-2021
Economic Activity
-0.9% MoM
13.4% YoY
s.a.
Jun-2021
Industrial prod.
1.1% MoM
8.0% YoY
s.a.
Jul-2021
Manuf. prod.
1.4% MoM
7% YoY
 
s.a.
Jul-2021
Private consumption
-0.8% MoM
19.1% YoY
s.a.
Jun-2021
Remittances
28.6% YoY
23.5% YTD
 
n.s.a.
Jul-2021
Exports
1.5% MoM
17.7% YoY
 
s.a.
Jul-2021
Trade Balance
Deficit
-4.1 billion
 
 
Jul-2021
Current account
Surplus
6.3 billion
 
2Q-2021
FDI (preliminary)
18.4 billion
2.6% YoY
 
2Q-2021
Gross Fixed Investment
-1.8% MoM
16.9% YoY
s.a.
Jun-2021
Inflation
5.9% YoY
4.9% core
8.9% non-core
 
1F-Sep-2021
UE rate
4.1% of EAP
 
 
e.a.
Jul-2021
Mexican Crude Oil Price
69.8 dpb
 
Sep-23-2021
Exchange Rate (FIX)
20.1
USD / MXN
 
Sep-23-2021
Reference Interest Rate
4.5%
 
 
Sep-23-2021
UDIS
6.9
pesos/UDI
 
 
Sep-23-2021
28-day Treasury Certificates (Cetes)
4.6%
Sep-23-2021

Last update: Sep-23-2021 at 2:30 p.m. (Mexico City time)

MoM: monthly variation
YoY: annual variation
QoQ: quarterly variation
n.s.a: not seasonally adjusted
s.a.: seasonally adjusted
billion: billions dollars
YTD: year to date. From January to July
EAP: economically active population
dpb: dollars per barrel
core: core inflation
non-core: non-core inflation
UDIS: Investment Units (Unidades de Inversión)
UE: Unemployment rate
 

 

Historical Recent News

Domestic Debt of the Federal Government


Domestic Debt by Instrument

Maturity Profiles

 

Last update: September 14th with data as of September 13th 2021.

Investor Relations Office of the Ministry of Finance and Public Credit


The Investor Relations Office (IRO) is in charge of promoting the dialogue between analysts, investors, and the authorities of the Ministry of Finance and Public Credit (SHCP).

On this website you can find information on Mexico's economic outlook, public finances and public debt.

Additionally, in the Debt Operations section you can find all the relevant information regarding the Federal government securities, conditions to participate in our auctions, the auction calendar as well as lists of market makers.