1 MEXICAN BOND MARKET OVERVIEW Weekly report February 27, 2015 Mexican Corporates in Pesos Last issues in the local market Source: Actinver, Valmer, BMV. Mexican Corporates in Dollars Source: Actinver and Bloomberg. Last issues in the dollar market 41,053 19,612 26,685 31,530 1,000 39,088 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Sep Oct Nov Dec Jan Feb* (MP mn) Amount Issued Issue Vol. Matur. Rtng Coupon Str. ACOSTA CB 200 feb-35 AA+ FIXED: 8.00% Abs BINTER 15 1,100 feb-25 A TIIE 28 + 2.50% No MASCB 15 300 nov-18 AAA TIIE 28 + 1.90% Abs 1,855 7,297 3,125 415 7,500 - - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 sep-14 oct-14 nov-14 dic-14 ene-15 feb-15 (USD mn) Amount Issued Index (bp) As of Feb 26, 2015 vs last week vs last month YTD Mexican EMBI 180 -1 -31 -2 Mex Corp EMBI 256 2 4 7 EM Corp CEMBI 270 5 4 3 Issue Vol. Matur. Rtng Coupon Str. ELMTIA '25 425 jan-25 BB+ FIXED: 5.5% No GRUMA '24 400 dic-24 BB+ FIXED: 4.875% No PEMEX '20 1,500 jul-20 BBB+ FIXED: 3.5% No PEMEX '26 1,500 Jan-26 BBB+ FIXED: 4.5% No PEMEX '46 3,000 Jan-26 BBB+ FIXED: 5.625% No Araceli Espinosa Elguea Raul Marquez Pardinas Fixed Income Research [email protected][email protected]+52 (55) 1103 6641 +52 (55) 1103 6600 x 4132 Actinver Corporate Headquarters Guillermo González Camarena 1200, 11th Floor, Centro de Ciudad Santa Fe México, D.F. 01210 Mexican Local Corporate Bonds There were three new issues in the local Mexican market this week for a total of MP 4,300 million: ACOSTACB 15 for MP 200 million, under a fixed rate and a 20 year tenor; BINTER15 for MP 1,000 million under a fixed rate and a 10 year tenor and MASCB 15 for MP 300 million under a floating rate and a 5 year tenor. There are not issues scheduled for next week. We have identified the following issues scheduled for the coming weeks: HOLCIM 15 for MP 2,000 million, EXITUCB 15 for MP 450 million, PACARFM 15 for MP 1,000 million and OPI 15U for MP 4,500 million. (See page 4) The main local corporate bonds that won in price during the week due to a reduction in market spread were: LIPSBCB 14U, AMX 08, CAMSCB 13U, GANACB 11U, VWBANK 12 with contractions of 46bp, 28bp, 16bp, 6bp and 4bp, respectively. The local corporate issues with a reduction in price due to a spread expansion were: OAXCB 07U, LIVEPOL 10, LIVEPOL 12-2 with increase of 30bp, 29bp, and 29bp respectively. As of the end of February 2015, the local corporate debt market totaled MP 1.26 trillion, representing a 3.2% increase compared to the amount outstanding in January 2015. The amount issued in February was MP 39,088 million, which is 3.74 times than that registered during the same month a year ago (MP 10,444 million). There were a total of 12 issuances in the month, carried out by 8 different companies, with only one being a new issuer in the debt market. Mexican International Corporates Bonds in Dollars The new issuances this week were by Cemex 4 3 /8 03/23 in Euros and Cemex 6 1 /8 05/25 in dollars. Mexican EMBI is currently at 180bp, 1 bp lower vs. last week and 31 bps compared to last month. For its part, Mexican CEMBI reported a 256 bp spread, 2bp higher vs. last week and 4 bp higher vs. last month. Dollar issues that showed significant decreases in YTM were HOMEX 2020. HOMEX 2019, CEMEX 2015, CEMEX 2016, AND CASITA 2018 with yield contractions of 30bp, 10bp, 3bp, 2 bp and 2bp respectively. On the other hand, the main yield increases for the week were: CORGEO 2022, URBIMM 2016, CORGEO 2020 and GEOMAQ 2021 with yield increases of 17bp, 11bp 7 bp and 5bp, respectively. As of the end of February 2015, the outstanding amount of Mexican corporates in dollars was US 157,485 million. What happened during the week? Mexico's economy grew 0.7% at a quarterly rate, which averaged an annual gain of 2.6% in the 4T14. This represents the best data YoY from 4Q12. In 2014, the Mexican economy grew 2.1%, exceeding the disappointing progress of 2013 (1.4%) and reaching just above that expected by the consensus (2.0%). CEESP estimated that Mexico's gross domestic product will grow around 3.2% in 2015. Foreign direct investment amounted to US $ 22.570 million in 2014, reflecting a decrease of 35% from the amount reported in 2013. AEROMÉXICO announced the issuance of notes guaranteed by the Export-Import Bank of the United States (Ex-Im Bank), for the amount of USD 195 million with a maturity in 2027 and an annualized interest rate of 2.329%. Aeromexico will use the proceeds to refinance the payment of two Boeing 787-8 Dreamliner, whose deliveries were made in December 2014 and February 2015. Aeromexico continues its renewal plan as in the 4T14 it withdrew three planes and acquired another 5 under the scheme operating lease. Aeromexico has a structured issuance (securitization of future flows of sales originated in Mexico by credit card) with an outstanding amount of P $ 3,000 million and a maturity of December 2018. Secretaria de Hacienda, through Banco de Mexico managed to place P $ 29.990 million in long-term bonds maturing in 2020 and 2042. The placement was done through a bond swap, bidders handed instruments with maturities of one to three years for papers greater maturity. *As of the close of February 20, 2015
25
Embed
d MEXICAN BOND MARKET OVERVIEW n) 000 3 88 000Weekly … · to last month. For its part, Mexican CEMBI reported a 256 bp spread, 2bp higher vs. last week and 4 bp higher vs. last
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Actinver Corporate Headquarters Guillermo González Camarena 1200, 11th Floor, Centro de Ciudad Santa Fe México, D.F. 01210
Mexican Local Corporate Bonds
There were three new issues in the local Mexican market this week for a total of MP 4,300 million: ACOSTACB 15 for MP 200 million, under a fixed rate and a 20 year tenor; BINTER15 for MP 1,000 million under a fixed rate and a 10 year tenor and MASCB 15 for MP 300 million under a floating rate and a 5 year tenor. There are not issues scheduled for next week. We have identified the following issues scheduled for the coming weeks: HOLCIM 15 for MP 2,000 million, EXITUCB 15 for MP 450 million, PACARFM 15 for MP 1,000 million and OPI 15U for MP 4,500 million. (See page 4) The main local corporate bonds that won in price during the week due to a reduction in market spread were: LIPSBCB 14U, AMX 08, CAMSCB 13U, GANACB 11U, VWBANK 12 with contractions of 46bp, 28bp, 16bp, 6bp and 4bp, respectively. The local corporate issues with a reduction in price due to a spread expansion were: OAXCB 07U, LIVEPOL 10, LIVEPOL 12-2 with increase of 30bp, 29bp, and 29bp respectively. As of the end of February 2015, the local corporate debt market totaled MP 1.26 trillion, representing a 3.2% increase compared to the amount outstanding in January 2015. The amount issued in February was MP 39,088 million, which is 3.74 times than that registered during the same month a year ago (MP 10,444 million). There were a total of 12 issuances in the month, carried out by 8 different companies, with only one being a new issuer in the debt market. Mexican International Corporates Bonds in Dollars
The new issuances this week were by Cemex 4 3/8 03/23 in Euros and Cemex 6
1/8 05/25 in
dollars. Mexican EMBI is currently at 180bp, 1 bp lower vs. last week and 31 bps compared to last month. For its part, Mexican CEMBI reported a 256 bp spread, 2bp higher vs. last week and 4 bp higher vs. last month.
Dollar issues that showed significant decreases in YTM were HOMEX 2020. HOMEX 2019, CEMEX 2015, CEMEX 2016, AND CASITA 2018 with yield contractions of 30bp, 10bp, 3bp, 2 bp and 2bp respectively. On the other hand, the main yield increases for the week were: CORGEO 2022, URBIMM 2016, CORGEO 2020 and GEOMAQ 2021 with yield increases of 17bp, 11bp 7 bp and 5bp, respectively.
As of the end of February 2015, the outstanding amount of Mexican corporates in dollars was US 157,485 million.
What happened during the week?
Mexico's economy grew 0.7% at a quarterly rate, which averaged an annual gain of 2.6% in the 4T14. This represents the best data YoY from 4Q12. In 2014, the Mexican economy grew 2.1%, exceeding the disappointing progress of 2013 (1.4%) and reaching just above that expected by the consensus (2.0%). CEESP estimated that Mexico's gross domestic product will grow around 3.2% in 2015. Foreign direct investment amounted to US $ 22.570 million in 2014, reflecting a decrease of 35% from the amount reported in 2013. AEROMÉXICO announced the issuance of notes guaranteed by the Export-Import Bank of the United States (Ex-Im Bank), for the amount of USD 195 million with a maturity in 2027 and an annualized interest rate of 2.329%. Aeromexico will use the proceeds to refinance the payment of two Boeing 787-8 Dreamliner, whose deliveries were made in December 2014 and February 2015. Aeromexico continues its renewal plan as in the 4T14 it withdrew three planes and acquired another 5 under the scheme operating lease. Aeromexico has a structured issuance (securitization of future flows of sales originated in Mexico by credit card) with an outstanding amount of P $ 3,000 million and a maturity of December 2018. Secretaria de Hacienda, through Banco de Mexico managed to place P $ 29.990 million in long-term bonds maturing in 2020 and 2042. The placement was done through a bond swap, bidders handed instruments with maturities of one to three years for papers greater maturity.
*As of the close of February 20, 2015
2
Overview of the Mexican Local Market (as of February 2015)
As of the end of February 2015, the local corporate debt market totaled MP 1.26 trillion, representing a 4.9% increase compared to the amount outstanding in February 2014. For purposes of this report, we consider as part of the corporate debt market unsecured issues from corporates and federal agencies, quasi-sovereign bonds, bank bonds, asset-backed securities, and bonds with partial or full guarantees.
Main Characteristics
Outstanding Amount Amount Placed Per Year
Main Issuers (Amount Issued)
Distribution by Type of Structure
Local Scale Ratings
Reference Rates
Source: Actinver, Bank of Mexico, Valmer.
*As of February 20, 2015
1,164,451
1,176,344
1,241,446
1,260,506
1,100,000
1,120,000
1,140,000
1,160,000
1,180,000
1,200,000
1,220,000
1,240,000
1,260,000
1,280,000
2012 2013 2014 2015*
(MP mn)
224,973 226,299
281,823 267,615
40,088
0
50,000
100,000
150,000
200,000
250,000
300,000
2011 2012 2013 2014 2015*
(MP mn)
277,405
135,943
95,94886,855
80,481 76,724 72,17245,940 39,426
0
50,000
100,000
150,000
200,000
250,000
300,000
PE
ME
X
CF
E
TF
OV
IS
CE
DE
VIS
AM
X
INB
UR
SA
PM
XC
B
BA
NO
RC
B
BIN
BU
R
(MP mn)Federal
Agencies 20%
Banks 13%
Development Banks 5%
CDO 3%Future Flow
16%
ABS 16%
Guarantees 1%
Unsecured 26%
AAA 75%
AA+ 6%
AA 8%
AA- 2%
A+ 1%A 4%
BBB 1%
Below 3%
CETES 1821%
CETES 912%
FIJA34%
TIIE 1820%TIIE 28
35%
TIIE 910%
UDIS28%
3
Overview of the Mexican Dollar Bond International Market (as of February 2015)
As of the end of February 2015, the outstanding amount of Mexican corporates in dollars was US 157,347 million, representing 12.6% more vs. February 2014. US 42,085 million are sovereign bonds issued by the Mexican federal government.
Main Characteristics
Outstanding Volume Amount Placed Per Month
Main Issuers (Outstanding Amount) Distribution by Sector
Global Scale Ratings Reference Rates
Source: Actinver, Bloomberg.
*As of February 20, 2015
146,557
149,596151,218 151,633
164,985
157,347
135,000
140,000
145,000
150,000
155,000
160,000
165,000
170,000
sep-14 oct-14 nov-14 dic-14 ene-15 feb-15*
(USD mn)
1,855
7,297
3,125
415
7,500
- -
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
sep-14 oct-14 nov-14 dic-14 ene-15 feb-15
(USD mn)
$4
2,0
85
$4
1,7
59
$1
3,1
22
$1
0,8
76
$5
,95
0
$3
,00
0
$3
,00
0
$2
,99
8
$2
,90
0
$2
,30
0
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
UM
S
PE
ME
X
AM
X
CE
ME
X
BB
VA
CF
EC
B
KO
F
TL
EV
ISA
BIM
BO
BS
AN
T
(USD mn)
Bank6%
Cement9%
Energy30%
Other15%
Sovereign30%
Telecom10%
BBB 22%
BBB- 5%
BB+ 2%
BB 3%
BB- 1%
B+ 6%
B 2%
B- 0%
Other 19%
A 1%
A- 12%
BBB+ 27%
FIXED96%
LIBOR2%
MIXT2%
4
New MXP bonds to be placed
According to preliminary programs registered in the Mexican Stock Exchange, the following issues are pending to be placed in the Mexican local market:
Source: Actinver, BMV. NO = Unsecured. *Local scale rating. Vol. = Volume in MXP mn. FF = Future Flow.*Retap.
PACARFM 15 1,000 24-mar-15 4.0 NO AAA TIIE 28 + 0.24% Parcial Paccar Financial México Accival, HSBC OPI 15U 4,500 25-mar-15 20.0 NO AA+ UDIS: * Parcial Org. Proyectos de Infraestructura Actinver, Barclays, Banorte Fuente: Actinver, BMV. Est. = Tipo de Estructura. Tipo Amort. = Amortización. ABS: Emisión respaldada por activos. * Actinver participa como colocador, por lo que no se proporciona tasa estimada.
CFE Fa
cilea
sing
Facil
easin
g NRF
Banc
omex
Blad
ex
Holci
m
Cadu
FEFA
Gas
N.
B. In
burs
a
0
1,000
2,000
3,000
4,000
5,000
6,000
6-M
ar-1
5
6-M
ar-1
5
6-M
ar-1
5
12-M
ar-1
5
20-M
ar-1
5
20-M
ar-1
5
27-M
ar-1
5
24-A
pr-1
5
7-M
ay-1
5
15-M
ay-
15
28-M
ay-
15
(MP mn)
2,180
26
635
1,055
30 690
500
1,000
1,500
2,000
2,500
mar
-15
abr-
15
jul-1
5
sep-
15
no
v-15
dic
-15
(USD mn)
5
Ownership of government securities
Ownership of government securities
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Re
po
rto
Ban
cari
o
Gara
ntías
Ba
nx
ico
Sie
fore
s
So
c. In
v.
Seg
uro
s
Otr
os
Extr
anje
ros
(MXP mn)
Cetes Bondes Bondes D
Repo Bank Guaranty Banxico Siefores MutualF. Insurance Other Foreign Total
Source: Actinver / Valmer. Maturity = Years to maturity. Information as of June 26, 2014.
16
QUASI-SOVEREIGN ISSUES – RELATIVE VALUE
FE
FA
12
FE
FA
12
-2
FE
FA
13
PE
ME
X1
1
FN
CO
T13
PE
ME
X11-2
FE
FA
14
FN
CO
T14
PE
ME
X12
CF
E1
3
PE
ME
X13
CFE14PEMEX14
y = 0.0569ln(x) + 0.0417
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
(%)
Sp
read
Maturity
TIIE28 / AAA / UNSECURED
CF
EG
CB
11
CF
EC
B10
CF
EG
CB
13
IFCOTCB13
CFECB10-2
y = 0.0897ln(x) - 0.015
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.00 1.00 2.00 3.00 4.00 5.00 6.00
(%)
Sp
read
Maturity
TIIE28 / AAA / SECURED
CFECB05
CF
EC
B0
6
CF
EC
B0
6-2 CFECB07
CFEHCB08
y = 0.014ln(x) + 0.4561
0.30
0.32
0.34
0.36
0.38
0.40
0.42
0.44
0.46
0.48
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
(%)
Sp
rea
d
Maturity
CETE91 / AAA / SECURED
CF
EH
CB
07
CF
EH
CB
07-2
CF
EH
CB
07-3
y = 0.902ln(x) - 0.4218
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.00 0.50 1.00 1.50 2.00 2.50 3.00
(%)
Sp
rea
d
Maturity
CETE182 / AAA / SECURED
PEMEX09-2
PE
ME
X10
-2
CF
E10
-2
PE
ME
X11
-3
PE
ME
X13-2
CF
E1
3-2
CFE14-2
PEMEX14-2
y = 1.394ln(x) + 3.849
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00
(%)
YT
M
Maturity
FIXED / AAA / UNSECURED
CFEHCB09CFECB09
CFEHCB06
CFECB12
y = 1.1179ln(x) + 3.2532
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
0.00 5.00 10.00 15.00 20.00 25.00 30.00
(%)
YT
M
Maturity
FIXED / AAA / SECURED
PEMEX09U
PEMEX10U
PEMEX11U
PEMEX14U
PEMEX12U
y = 0.6576ln(x) + 1.9376
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00
(%)
YT
M
Maturity
UDIS / AAA / UNSECURED
CFEHCB09U
CFECB09U
CFECB09-2U
y = 1.704ln(x) - 0.7781
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
0.00 2.00 4.00 6.00 8.00 10.00 12.00
(%)
YT
M
Maturity
UDIS / AAA / SECURED
Source: Actinver / Valmer. Maturity = Years to maturity. Information as of June 26, 2014.
17
CORPORATE ISSUES – DETAILED INFORMATION
TIIE28 / AAA Local Rating / Unsecured
Source: Actinver / Valmer. Y-M = Years to maturity. Information as of June 26, 2014.
18
TIIE28 / AAA Local Rating / Secured
TIIE28 / AA+ Local Rating / Unsecured
TIIE28 / AA+ Local Rating / Secured
TIIE28 / AA Local Rating / Unsecured
Source: Actinver / Valmer. Y-M = Years to maturity. Information as of June 26, 2014.
19
TIIE28 / AA Local Rating / Secured
TIIE28 / AA- Local Rating / Unsecured
TIIE28 / AA- Local Rating / Secured
TIIE28 / A Local Rating / Unsecured
TIIE28 / A Local Rating / Secured
Source: Actinver / Valmer. Y-M = Years to maturity. Information as of June 26, 2014.
20
TIIE28 / A- Local Rating / Unsecured
TIIE28 / BBB Local Rating / Unsecured
TIIE28 / BBB Local Rating / Secured
TIIE91 / AAA Local Rating / Secured
TIIE91 / AA Local Rating / Secured
TIIE182 / AA- Local Rating / Secured
TIIE182 / A+ Local Rating / Secured
CETE182 / AA Local Rating / Unsecured
Source: Actinver / Valmer. Y-M = Years to maturity. Information as of June 26, 2014.
21
USD – Fixed Rate Bonds Detail
22
MXN CORPORATES IN DOLARS – RELATIVE VALUE
BB
VA
SM
'16
AM
XL
MM
'1
6
AM
XLM
M '
17
KO
F '1
8A
MXLM
M '19
KO
F '2
0A
MXLM
M '20
AM
XLM
M '22
KO
F '2
3
AM
XLM
M '
35
AM
XL
MM
'3
7
AM
XL
MM
'4
0
AM
XL
MM
'4
2
KO
F '4
3BB
VA
SM
'24
KCMA '24
y = 0.8534ln(x) + 1.1993
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
0.0 5.0 10.0 15.0 20.0 25.0 30.0
(%)
Yie
ld t
o M
atu
rity
Maturity
A- / Fixed Rate
TE
LV
IS '1
8
BS
AN
TM
'22
TE
LV
IS '2
5
TELVIS '32
TELVIS '40
BIN
BU
R '2
4
y = 1.309ln(x) + 0.8009
0.00
1.00
2.00
3.00
4.00
5.00
6.00
0.0 5.0 10.0 15.0 20.0 25.0 30.0
(%)
Yie
ld t
o M
atu
rity
Maturity
BBB+ / Fixed Rate
BA
NO
RT
'15
BIM
BO
'20
BIM
BO
'22
FRES '23
BIM
BO
A '2
4
FUNO '24SCCO '28
MEXGEN '32
FUNO '44
BIMBOA '44
y = 1.132ln(x) + 1.6062
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
(%)
Yie
ld t
o M
atu
rity
Maturity
BBB- / Fixed Rate
SIG
MA
'18
SIG
MA
'19
AL
PE
KA
'22
AL
PE
KA
'23
ALF
AA
'24 A
LF
AA
'44
MXC
HF
'44
y = 1.5128ln(x) + 0.8507
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
(%)
Yie
ld t
o M
atu
rity
Maturity
BBB- / Fixed Rate
MA
BE
MX '15
MABEMX '19
MX
CH
F '1
9
MX
CH
F '2
2
METLSA '23MXCHF '42
y = 0.8367ln(x) + 3.2549
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
0.0 5.0 10.0 15.0 20.0 25.0 30.0
(%)
Yie
ld t
o M
atu
rity
Maturity
BB+ / Fixed Rate
CREAL '15
CREAL '19
OFDMEX '20
KUOBMM '22
ODHGPR '20
NEMAK '23
y = 1.6186ln(x) + 4.3064
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
0.0 2.0 4.0 6.0 8.0 10.0
(%) Y
ield
to
Matu
rity
Maturity
BB / Fixed Rate
TZA '18EKT '18
ARRUNI '19IDESA '20
TZA '20
y = 2.2302ln(x) + 3.7248
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
0.0 2.0 4.0 6.0 8.0 10.0
(%)
Yie
ld t
o M
atu
rity
Maturity
BB- / Fixed Rate
CE
ME
X '1
5E
ZP
W '1
5
CE
ME
X '1
6
CE
ME
X '1
8
CE
ME
X '1
9C
EM
EX
'19 C
EM
EX '1
9S
CR
IBE
'20
CE
ME
X '2
0C
EM
EX
'21 J
AV
ER
'21
CE
ME
X '2
2
FIN
DE
P '1
9
y = 1.2886ln(x) + 4.7684
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0.0 2.0 4.0 6.0 8.0 10.0 12.0
(%)
Yie
ld t
o M
atu
rity
Maturity
B+ / Fixed Rate
Source: Actinver / Bloomberg as of June 26, 2014. Maturity = Years to maturity.
23
MXN CORPORATES IN DOLARS – RELATIVE VALUE
PAPPEL '16
ICA
SA
'17
PO
SA
DA
'17
AXTEL '20
GC
CA
MM
'20
FA
MS
A '2
0
ICA
SA
'21
ICA
SA
'24
y = 2.1578ln(x) + 7.8632
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
0.0 2.0 4.0 6.0 8.0 10.0
(%)
Yie
ld t
o M
atu
rity
Maturity
B / Fixed Rate
MIFEL '22
COBREM '18
y = -1.19ln(x) + 14.334
0.00
5.00
10.00
15.00
20.00
25.00
2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
(%) Yie
ld to
Matu
rity
Maturity
B- / Fixed Rate
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
0
(%)
Yie
ld t
o M
atu
rity
Maturity
CCC / Fixed Rate
MAXTEL '20
GEOMAQ '21
y = 1356.7ln(x) - 2249.5
0.00
50.00
100.00
150.00
200.00
250.00
0.0 2.0 4.0 6.0 8.0 10.0
(%)
Yie
ld t
o M
atu
rity
Maturity
CC / Fixed Rate
HOMEX '15
HOMEX '19
HOMEX '20
AXTEL '17 AXTEL '19
y = -705.6ln(x) + 1083.4
0.00
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
1,600.00
1,800.00
2,000.00
0.0 2.0 4.0 6.0 8.0 10.0
(%)
Yie
ld t
o M
atu
rity
Maturity
C / Fixed Rate
URBIMM '16
UR
BIM
M '2
0
CO
RG
EO
'20
UR
BIM
M '2
2C
OR
GE
O '2
2
y = -59.93ln(x) + 314.21
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
0.0 2.0 4.0 6.0 8.0 10.0
(%)
Yie
ld t
o M
atu
rity
Maturity
D / Fixed Rate
Source: Actinver / Bloomberg as of June 26, 2014. Maturity = Years to maturity.
24
Disclaimer
Analyst Certification:
Ernesto O’Farrill
Ismael Capistrán
Araceli Espinosa
Jesús Viveros
Mauricio Arellano
Jaime Ascencio
Roberto Galván
The analyst(s) responsible for this report, certifies(y) that the opinion(s) on any of the securities or issuers mentioned in this document, as well as any views or forecasts expressed herein accurately reflect their personal view(s). No part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this document. This is a publication of Grupo Financiero Actinver and any content of the document cannot be distributed or copied without Grupo Financiero Actinver’s authorization. Information has been obtained from sources believed to be reliable but Grupo Financiero Actinver or its affiliates and/or subsidiaries (collectively Actinver) do not warrant its completeness or accuracy. All pricing is as of the close of market for the securities discussed, unless otherwise stated. The analysts mentioned will not be responsible for investment decisions taken by clients or for any legal procedures.
Any of the business units of Grupo Actinver or its affiliates may seek to do business with any company discussed in this research document. Any past or potential future compensation received by Grupo Actinver or any of its affiliates from any issuer mentioned in this report has not had and will not have any effect our analysts’ compensation. However, as for any other employee of Grupo Actinver and its affiliates, our analysts’ compensation is affected by the overall profitability of Grupo Actinver and its affiliates.
Analyst Certification for the following Analysts: Jaime Ascencio
Iñigo Cossio
Marco Montañez
Roberto Galván
Ramón Ortiz
Francisco Suárez
Eric Alexander Wilson, CFA
The analyst(s) responsible for this report, certifies(y) that the opinion(s) on any of the securities or issuers mentioned in this document, as well as any views or forecasts expressed herein accurately reflect their personal view(s). No part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this document.
Any of the business units of Grupo Actinver or its affiliates may seek to do business with any company discussed in this research document. Any past or potential future compensation received by Grupo Actinver or any of its affiliates from any issuer mentioned in this report has not had and will not have any effect our analysts’ compensation. However, as for any other employee of Grupo Actinver and its affiliates, our analysts’ compensation is affected by the overall profitability of Grupo Actinver and its affiliates.
Guide to our Rating Methodology
Total Expected Return on any security under coverage includes dividends and/or other forms of wealth distribution expected to be
implemented by the issuers, in addition to the expected stock price appreciation or depreciation over the next twelve months based on our analysts’ price targets. Analysts uses a wide variety of methods to calculate price targets that, among others, include