Mexico's Finance Ministry refinances 238 billion pesos of debt, pushing maturities out nearly three years
The operation, the sixth this year in the local market, swapped Cetes, Bondes F, Bonos M and Udibonos due 2026–2043 for securities maturing as late as 2047.
Mexico's Finance Ministry (SHCP) carried out a domestic debt refinancing operation worth 238.153 billion pesos, extending the average maturity of the securities involved by 2.9 years, the ministry said on Monday, October 19.
According to the SHCP, it is the sixth operation of its kind in the local market in 2026.
What was done
According to the statement, the government bought back Cetes, Bondes F, Bonos M and Udibonos maturing between 2026 and 2043, and in exchange issued the same types of instruments maturing between 2027 and 2047.
Amounts repurchased, by maturity year:
| Maturity | Amount repurchased |
|---|---|
| 2026 | 18.823 billion pesos |
| 2027 | 123.910 billion pesos |
| 2028 | 44.094 billion pesos |
| After 2028 | 51.326 billion pesos |
More than half of the total was debt due in 2027. The ministry said the goal was to optimize the maturity profile of peso-denominated debt, strengthen the government's portfolio structure and improve local market liquidity. The statement did not disclose the rates.
In plain terms
Refinancing is similar to a household swapping a loan that's about to come due for a longer one: it doesn't reduce total debt, but it avoids having to pay a large sum all at once in a single year. For the government, it eases pressure on public finances in the coming years, as Congress debates the 2027 Economic Package.
If you save in Cetes
The instruments in this operation — Cetes, Bonos M, Udibonos and Bondes — are the same ones anyone can buy from 100 pesos on the government platform cetesdirecto.com, with no intermediaries. If you hold securities there, this operation does not change your investments: it was done with market investors, and what you already bought keeps paying under its original terms.
Before investing, compare terms and yields, and be wary of social-media offers that use the Cetes or Finance Ministry name to ask for deposits.
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