Category: Mexico

Despite Mexico’s thriving real estate and construction sectors, the market has thus far lacked any mortgage insurance products. A bill before Congress will make such products available for the first time, for which analysts are predicting an expansion in both primary lending and secondary market activity. The “Cumbre Financiera Mexicana” is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.

Mexico’s state-run oil giant Petroleos Mexicanos (Pemex) has issued short-term bonds worth $46 million and will use the proceeds as working capital. The bonds are rated mxA-1+ by Standard & Poor’s and F1+(mex) by Fitch. The company is looking to raise more funds to upgrade aging facilities and expand exploration.

Mexican broadcaster TV Azteca, wireless phone company Grupo Iusacell, and consumer banking unit Grupo Elektra, all part of Ricardo Salinas Pliego’s Grupo Salinas, plan to delist from the New York Stock Exchange. A Grupo Salinas spokesman said the move was a response to excessive regulation in the US, which has pushed up the companies’ costs to unacceptable levels. Ricardo Salinas has been charged by the US Securities and Exchange Commission with executing a fraudulent debt transaction in 2003.

Mr. de Nicolas will be part of a panel of experts on the development of Mexico’s market for Real Estate Investment Trusts (REITS). The meeting is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.

Employment in Mexico’s maquiladora industry rose by 7.8 percent year-on-year in the first quarter, helped by increasing demand for manufactured goods in the US. Mexico has some 2,800 maquiladora plants, which account for 50 percent of Mexican exports.

The yield on Mexico’s 10-year treasury note declined Monday to 9.69 percent, its lowest level in more than three months on expectations that slowing inflation may lead the central bank to reverse more than a year of interest-rate increases. Mexico’s annual inflation rate fell to 4.6 percent in April from a 20-month high of 5.4 percent in November. The central bank last week decided to hold its benchmark lending rate at a two-year high of 9.75 percent.

Mexico City Mayor Andrés López Obrador says that if elected president next year he would try to tax shareholders who sold Banamex, the country’s biggest bank, to Citigroup for $12.7 billion in 2001. Sellers avoided taxes because the deal was structured as a public offer on the Mexican stock exchange. Populist López Obrador is a frontrunner in the election race. However, he also said he would finance government spending by improving efficiency, not taxes, and ruled out renegotiating the Nafta trade pact with the US and Canada.

Ms. Posch will be part of a panel of experts on the “Evolution of Local Markets”. The meeting is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.

Mexican banks registered a net profit of $980 million for the first quarter, up 31% year-on-year. Bank assets totaled $194 billion at the end of the quarter, equivalent to only 28% of Mexico’s GDP.

Francisco Gil Diaz, Mexican Minister of Finance and Public Credit, is confirmed to speak at LatinFinance’s Inaugural “Cumbre Financiera Mexicana” on July 13-14 in Mexico City. The meeting is a high-level and spirited debate and discussion on the ever-changing face of Mexico’s dynamic financial markets. The invitation-only event will provide a unique forum for investors, financiers, government and corporate leaders to network, analyze shared challenges, and identify new opportunities. To apply for an invitation click here.