The Administration of President Enrique Peña Nieto has stressed its commitment to consolidate
macroeconomic stability, to count with healthy public finances and to make responsible use of public
debt. In this regard, and in order to maintain and strengthen public debt’s management communication
and transparency, the Ministry of Finance and Public Credit (SHCP) announces the government
securities auction calendar for the second quarter of 2014. This schedule is consistent with the
Economic Program approved by Congress for the 2014 fiscal year. Moreover, the announcement is
consistent with the 2014 Annual Borrowing Program released last December 19th.Important Aspects
The most important aspects of the government’s securities issuance strategy for the second quarter of
Exchange and Repurchase Transactions
- During the second quarter of 2014, the mechanism adopted since the 2nd quarter of 2013 to
determine the amount to be issued of the 28-day and 91-day Cetes will continue to be used.
This mechanism consists in announcing each quarter a minimum and a maximum amount to
be issued each week. In this way, the weekly issuance amount of these instruments will be
between these specific amounts.
- For the second quarter of 2014, the 28-day Cetes issuance amount will range between 5,000
and 9,000 million pesos and the first auction of the quarter will amount 6,000 million pesos;
while the 91-day Cetes will range between 8,000 and 12,000 million pesos and its first auction
will amount 10,000 million pesos.
- The amount to be issued will be specified in the weekly auction announcements made through
the Central Bank.
- As announced previously, syndicated auctions will be conducted through a more flexible
format. These operations will no longer be announced as part of the quarterly calendars nor as
substitutes of the primary auctions corresponding to that tenor in the quarter.
- Instead, these auctions could be performed in any of the quarters of the year and the amount
to be auctioned may be additional to the quarterly issuance scheduled for that instrument. The
announcement of the syndicated auction will be held in the week prior to its issuance. Once
issued a reference, the reopening policy will continue.
- The syndicated auctions of stripped 30-year Udibonos will continue taking place every twelve
weeks. As in syndicated auctions of Nominal Fixed-Rated Bonds and Udibonos, the amount to
be auctioned will be published in the transaction announcement.
- It is noteworthy that, starting on the second quarter of 2014 the Udibono due December 2025
(S251204) will be placed in the corresponding weekly auction as the 10-year benchmark, this
action allows the use of a previously issued bond in order to promote the liquidity of the
- The auctions of Cetes, Nominal Fixed-Rate Bonds, Udibonos, Bondes D and the syndicated
auctions of stripped Udibonos to be executed in the second quarter will have the
characteristics listed in the following table.
The Ministry of Finance may execute exchange and repurchase transactions during the second
quarter of 2014. These transactions may involve the different securities that are issued. The exchange
transactions run by the Ministry may be executed periodically and will take place as long as the market
conditions are conducive to their successful execution.
In case one of these transactions is executed, the Ministry will specify, through the Central Bank, the
instruments and the amounts involved.