One of the reasons for this increase is that so far in 2023, five new debt issuers have entered: three dedicated to providing financial services (Banca Mifel, Banco Internacional and FONDO de FIRA), one of real estate services (IDEI) and one Chilean forestry and paper holding company (Inversiones CMPC).
The positive performance of the debt market is recorded in a market with higher rates (Banxico’s reference rate is at 11.25%, a level never seen before), which implies that financing through debt is more expensive.
For Benjamín Álvarez, manager of stock market analysis at CIBanco, high rates should discourage debt issuance, companies should not be getting into debt. “However, at the end of the day, companies need capital, whether via debt or equity, to continue working, so they have to go out and refinance themselves, whether in the short or medium term,” said Álvarez.
For Laura Laris, director of institutional promotion at Casa de Bolsa Finamex, even at these rate levels it is cheaper to issue debt in pesos than to finance it in another currency. It is more expensive abroad, so much so that foreign banks have come to issue peso debt to Mexico, such as Goldman Sachs, Morgan Stanley and JP Morgan.