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 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 16th, 2014.Important Aspects
The most important aspects of the government’s securities issuance strategy for the first quarter of
2015 are the following
- The amounts to be issued for Fixed-Rate Bonds (3, 5, 10, 20 and 30 years) and Udibonos (3,
10 and 30 years) have been reduced.
- During the first quarter of 2015, the Federal Government will announce a minimum and a
maximum amount of 28-day and 91-day Cetes to be issued weekly. In this way, the weekly
issuance amount of these instruments will be between these specific amounts.
- During the first quarter of 2015, the weekly minimum and maximum issuance amount will
remain unchanged. The 28-day Cetes weekly minimum and maximum issuance amount will be
4,000 and 9,000 million pesos, respectively. The 91-day Cetes weekly minimum and maximum
issuance amount will be 7,000 and 12,000 million pesos. The specific amount to be issued
each week will be specified in the corresponding auction announcement of the Central Bank.
- During the first quarter of 2015, the Udibono due Jun-19 (S190613) will replace the (S171214)
as the 3-year new inflation-linked bond benchmark, the Mbono due Dec-18 (M181213) will
replace the (M180614) as the new 3-year benchmark. This strategy was designed to increase
liquidity in previously issued bonds.
- 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.
- 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 first quarter will have the following
Exchange and Repurchase Transactions
The Ministry of Finance may execute exchange and repurchase transactions during the first 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.