The Comisión Federal de Electricidad placed MXN 20,000 million in three tranches on the BMV. The largest, MXN 9,450 million, is a 40-year inflation-linked bond.
Key terms
- Issuer: Comisión Federal de Electricidad (CFE)
- Exchange: BMV
- Date: September 9, 2026
- Amount: MXN 20,000 million, with demand of MXN 43,974 million
- Tranches: CFE 26X: MXN 5,000 million, 3 years, TIIE de Fondeo + 48 bp. CFE 26-2X: MXN 5,550 million, 10 years, fixed 10.3%. CFE 26U: MXN 9,450 million, 40 years, in UDIs, 6% real
- Ratings: Highest national-scale rating from Fitch, Moody’s Local and S&P
- Label: CFE 26X and 26-2X: sustainable (ESG)
- Use of proceeds: About half to refinance short-term and bank debt; the rest for generation, transmission and distribution
- Placement agents: Banorte, BBVA, Santander and Scotiabank
Our take
A 40-year UDI tranche is a reminder of how deep demand for long-dated, inflation-protected paper is among pension funds and insurers. Using half of the proceeds to term out short-term debt is exactly the kind of maturity management that private issuers should replicate.
Sources: El Cronista.
Congratulations to CFE and to everyone who made this placement possible.
Information from public sources. The mention does not imply Borax Capital’s participation in the transaction.
This content is for informational purposes only and does not constitute investment advice or an offer of securities.
