墨西哥债市全览：拉美地区成熟且结构完善的债券市场

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The Mexican bond market is one of the most mature and highly internationalized fixed - income markets in Latin America. The central bank independently implements monetary policy, the exchange rate floats freely with low foreign exchange control, and the infrastructure for bond issuance, trading, and settlement is well - developed. The debt management mechanism is transparent, and new bond varieties are continuously emerging, enhancing market depth and investability [4]. - Mexico's debt situation has evolved from a high - speed expansion crisis to a gradual improvement in debt structure and management. Currently, the overall debt sustainability has improved, but there are still challenges such as a mild economic growth rate and external financing needs [4]. - The Mexican bond market faces multiple risks including exchange rate, interest rate, credit, and liquidity risks. The investment strategy centers on duration management, aiming to balance returns and risks through multi - dimensional asset allocation optimization [4]. 3. Summary by Relevant Catalogs 3.1 Mexican Macroeconomic and Debt Environment Evolution - In the 1970s, Mexico's economy rapidly expanded due to oil exports and foreign capital inflows, with debt surging nearly 20 times from the early 1970s to the end of 1982, and foreign debt accounting for over 60%. The 1982 debt crisis was triggered by the oil crisis and the increase in US interest rates [7]. - Since the 21st century, the Mexican government has gradually resolved historical debt risks through fiscal policies and structural reforms. As of September 3, 2025, the government bond total reached 14.52 trillion pesos, with fixed - rate and inflation - indexed bonds increasing, reflecting the government's financing and inflation - hedging strategies [8]. - In 2025, Mexico's current account deficit is expected to be between - 1.2% and - 0.5% of GDP, and GDP growth is only 0.6%. The central bank's interest - rate cuts have helped reduce the government's debt burden [9]. 3.2 Bond Market System - The Mexican bond market is highly internationalized and diversified, with participants including the Ministry of Finance, the central bank, domestic financial institutions, international investors, and rating agencies. The Ministry of Finance manages federal debt, and the central bank provides technical and regulatory support [12]. - The central bank has been highly independent since 1994, implementing a prudent interest - rate adjustment strategy, with a robust balance sheet and abundant international reserves [13]. - Mexico adopts a flexible exchange - rate system with low foreign exchange control. The market infrastructure includes the BMV and the OTC market, and the settlement system meets international standards. The market's legal and regulatory framework aligns with international norms [14][15]. 3.3 Classification and Analysis of Major Bond Types - Government bonds include CETES (short - term zero - coupon treasury bills), BONDES (floating - rate bonds), UDIBONOS (inflation - linked bonds), and BPA (savings - protection bonds). Each type has its own characteristics and is suitable for different types of investors [16][17]. - The local government and corporate bond markets are also developing. Corporate bonds include those issued by state - owned and private enterprises, with an increase in green and sustainable bonds. The corporate bond market has been expanding, with a good performance from 2020 - 2025 [17][19][30]. - The investor structure is highly institutionalized and diversified. Domestic institutional investors dominate, and foreign investors play an important role in promoting market internationalization and pricing transparency [22][23]. 3.4 Market Risks and Investment Strategies - Risks include exchange - rate risk (high volatility of the peso), interest - rate risk (fluctuations in policy and market interest rates), credit risk (potential risks in government and corporate debt structures), and liquidity risk (capital outflows during significant events) [32][33][34]. - The investment strategy focuses on duration management based on the yield curve. Investors adjust bond portfolio durations, increase the proportion of corporate and medium - to - long - term government bonds when economic conditions improve, and diversify currency risks to optimize asset allocation [35].