the borrowing costs For Mexico's federal government, it was not maximized for 10 years at the 46th largest auction of the year, according to data reported by Bank of Mexico (Banxico).
Performance of Cetes At the end of 28, 91 and 175 days, they experienced increases in their exchanges of eight, six and 12 points, at least 7.79, 8.25 and 8.28 percent respectively.
The levels achieved by the Cetes exchange in the primary auction represented the maximum not seen since October 2008 for some cases and since January 2009 for others.
"In line with our expectations, Cetes prices reflected a market that discounts a higher benchmark rate before Banxico's decision on Thursday, where we estimate an increase of 25 points," they said in a document. of special analysis of Banorte-IXE.
Meanwhile, prices are on M Bonuses For three years with expiration date in December 2021, 77 points increased to 8.68 percent. Such a level has not expired since October 30, 2008, in the midst of the global economic crisis, deriving from the real estate sector in the United States.
Finally, the speed of Udibonos of three years, hedging instrument against inflation, reported an increase of 56 points, when the real interest rate was placed at 4.23 percent, a level not seen since October 23, 2008. In the latter case, an increase is the interest rate can be interpreted as a downward signal for inflation, as it reflects a lower appetite for investors for these hedging instruments.
In the medium term, expectation is expected the growth of inflation may fall below 4.0 percent, according to the survey conducted by Mexico Bank among specialists from the private and foreign sectors.
Interest rates in Mexico could continue under increasing pressure in the event that there is greater risk aversion in relation to the assets of the new nations and the weakness of commodity prices, especially energy.
The second factor's return on return in Mexico is related to monetary policy measures in the United States Federal Reserve (FED).
The US central bank will increase by 25 points to its reference rate for its December next meeting according to the futures market.
Analysts from Citibanamex They agreed that Mexico Bank would raise the reference rate this week and that the market had already provided it.
"Given the increase in Banxico's increase next Thursday and the risk premium implemented over the past few days, the curve increases, the 10-year M-bond reached a multi-annual record of 8.9 percent," they explained. in a note Sergio Kurczyn and Arturo Vieyra, analyst from the financial group.