Capital Markets

Mexico’s capital markets are tightly regulated, but this has not greatly hampered innovation, with a number of new financial products becoming available to investors in recent years. The sovereign bond market has been particularly well developed over the past two decades, while corporate bond issuances have also been increasing, particularly among leading parastatal companies, such as the state-owned energy giant Petróleos Mexicanos and the Federal Electricity Commission, as well blue-chip private firms. In light of external and domestic economic and political uncertainties, as well as rising interest levels, the Mexican equity market is expected to tread water in 2017. With the introduction of two new financial products aimed at stimulating infrastructure investment in 2016, namely FIBRA E and CerPIs, 2017 will prove a litmus test of their capacity to impact Mexico’s capital markets in the way that FIBRAs and CKDs have in recent years. Overall, however, the capital markets are likely to continue to see positive growth in the years ahead. This chapter includes an interview with Carlos Rojo Macedo, CEO, Grupo Financiero Interacciones.