Mexico refinances external debt, wipes out $5 bn of short‑term obligations

Mexico's Treasury (SHCP) issued an $4.8 billion 11‑year bond due in 2037 and reopened a $1.5 billion bond due in 2056. The proceeds were used to repurchase four short‑term external bonds totaling about $5 billion: $1.891 bn due March 2027, $1.610 bn due January 2028, $1.188 bn due February 2028, and €1.182 bn due April 2029. Demand for the issuance reached $20.6 billion, more than three times the amount placed, with participation from 266 institutional investors. The operation eliminates 100 % of dollar‑denominated amortizations scheduled for 2027‑2028 and reduces euro‑denominated obligations for 2029, improving the debt‑service profile without creating new borrowing and staying within congressional borrowing limits. Officials said the move strengthens liquidity, maintains an efficient dollar yield curve and provides a reference for other Mexican issuers.