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 first quarter of 2014. This schedule is
consistent with the Economic Program approved by Congress for the 2014 fiscal
year and with the 2014 Annual Borrowing Program.
The most important aspects of the government’s
securities issuance strategy for the first quarter of 2014 are:
mechanism used to determine the issuance amount of 28-day and 91-day Cetes,
adopted since the 2nd quarter of 2013, will continue to be used
during the 1st quarter of 2014. This mechanism consists on
announcing each quarter a minimum and a maximum amount to be issued each week.
the first quarter of 2014, the 28-day Cetes issuance amount will range between
5,000 and 9,000 million pesos; while the 91-day Cetes will range between 8,000
and 12,000 million pesos.
specific amount to be issued each week will be specified in the corresponding
auction announcement made through the Central Bank.
in 2014, 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
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.
format will allow the Federal Government to choose the right timing for each
transaction based on investors’ appetite and market conditions.
syndicated auctions of stripped 30-year Udibonos will continue to take place
every twelve weeks. The amount to be auctioned will be published the week prior
to the transaction.
The auctions of Cetes,
Nominal Fixed-Rate Bonds, Udibonos, Bondes D and the syndicated auctions of
stripped Udibonos to be executed in the first quarter will have the
characteristics listed in the following slide.