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 third quarter of 2015. This schedule is consistent with the Economic Program approved by Congress for the 2015 fiscal year and with the 2015 Annual Borrowing Program released on December 16 th, 2014.

Important Aspects

The most important aspects of the government’s securities issuance strategy for the third quarter of 2015 are the following: 

  • The amounts to be issued for 182 and 364-day Cetes, 10, 20, 30-year Fixed-Rate Bonds, and Udibonos (3, 10 and 30 year) will remain unchanged.
  • The Federal Government will continue with the mechanism to announce a minimum and a maximum amount of 28-day and 91-day Cetes to be issued weekly.
  • During the third quarter of 2015, the ranges for 28 and 91-day Cetes will remain unchanged. The 28-day Cetes weekly minimum and maximum issuance amount will be 4,000 and 11,000 million pesos, respectively. The 91-day Cetes weekly minimum and maximum issuance amount will be 7,000 and 14,000 million pesos. In the first week of the quarter, 5,500 million pesos of 28-day Cetes and 9,500 million pesos of 91-day Cetes will be auctioned. • The specific amount to be issued each week will be specified in the corresponding auction announcement of the Central Bank.
  • The amounts to be auctioned of the 3 and 5-year Fixed-Rate Bonds will decrease in 500 million pesos with regard to the previous quarter, to reach 9,000 and 8,500 million pesos, respectively.
  • Compared to the previous quarter, the auction amount of the 5-year Bondes D will be increased in 1,000 million pesos to reach 4,000 million pesos for the third quarter.
  • As previously announced, syndicated auctions are now conducted using a more flexible format. These operations will no longer be announced as part of the quarterly calendars nor as substitutes of primary auctions. These auctions could be launched in any quarter 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. This format allows the Federal Government to choose the right timing for each transaction based on investors’ appetite and market conditions. Once the new references are issued, the reopening policy will continue.
  • It is worth noting that, starting on the third quarter of 2015, the Fixed-Rate Bond due June 2021 (M210610) will be placed in the corresponding weekly auction as the 5-year benchmark; this action allows the use of a previously issued bond in order to promote the liquidity of the market.
  • The syndicated auctions of stripped 30-year Udibonos will continue to take place every 12 weeks. The amount to be auctioned will be announced 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 third quarter will have the following characteristics.
Exchange and Repurchase Transactions

The Ministry of Finance may execute exchange and repurchase transactions of government securities during the third quarter of 2015. Multiple exchange and repurchase transactions may be carried out 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, terms and size of each transaction.