每日新闻更新 — 墨西哥 The Daily Update – Mexico

今年到目前为止,沙特阿拉伯、土耳其、印度尼西亚、菲律宾主权国家债券的新发行市场相对活跃,现在的墨西哥也在这些引人注目的债券发行国家的行列。墨西哥政府周三发行了20亿以美元计价的10年期债券。该债券被超额订购。这些债券的发行价比美国国债高出185个基点;根据我们的模型,使用最佳A3评级的话,交易价格只有大约1个信用级别那么贵。

投资者对墨西哥的兴趣似乎有所恢复:去年10月份,奥夫拉多尔(AMLO)总统撤销了机场项目,令投资者十分震惊,不过在12月份的时候,政府又跟投资者达成了一项和解。此外,奥夫拉多尔政府在12月提出了一项谨慎的预算,受到了市场的欢迎,同时也缓解了对挥霍浪费风险的担忧,以满足他的一些社会主义目标。预算的一个目标是提高政府在支出上的效率。重要的是,它的目标是2019年的主要盈余占国内生产总值的1%,对此穆迪的说法是,“如果这些目标能够实现,那么它们应该足以使公共部门的债务与GDP的比例保持在46%左右,使联邦政府的这一比例保持在35%左右,以此支持主权的信用状况。”政府还对2019年的油价进行了对冲,以保护每桶55美元的预算收入的预测。

然而,在目前这个阶段,我们看到墨西哥石油公司(Pemex)更有价值,这是一家由政府100%拥有的石油生产巨头。例如,墨西哥石油公司2035年期6.625%利息的债券的收益率为7.47%,若使用BBB+的最佳评级则使其交易价格只有略高于4个信用级别那么贵。毫无疑问,墨西哥石油公司面临着政府能源计划带来的一系列挑战以及更明确的说明,墨西哥石油公司的参与和资助将会有所帮助。本周,英国《金融时报》报道,墨西哥财政部副部长阿图罗·埃雷拉(Arturo Herrera)表示,政府的支持将包括“对墨西哥石油公司财政状况的支持......由联邦政府提供的额外帮助以增加现金流,以便他们可以利用这些资源和条件进行勘探和生产以增加产量。”文章接着指出,在未来几周将有更多的细节公布。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.