Mexico's SHCP executes 238 billion peso debt refinancing

Mexico’s Secretariat of Finance and Public Credit (SHCP) has executed a debt refinancing operation totaling 238,153 million pesos. This sixth local market operation of 2026 aims to optimize the maturity profile of peso-denominated debt and improve market liquidity.

The operation involved replacing various instruments, including Cetes, Bondes F, Bonos M, and Udibonos with maturities between 2026 and 2043, with new instruments maturing between 2027 and 2047. This move extended the average maturity of the refinanced debt by 2.9 years.

Separately, the SHCP reported a 1.8% annual decrease in federal participations (Ramo 28) for the January-August 2026 period, totaling 983,677 million pesos. This marks the first decline for this period in six years. Among the 32 federal entities, 20 reported decreases, with the most significant drops occurring in Campeche (-35.1%) and Veracruz (-17.9%).