Fondo Especial para Financiamientos Agropecuarios (FEFA), one of the FIRA trusts, placed MXN 6,297.8 million (USD 343 million) in three series of notes (certificados bursátiles) on the Bolsa Mexicana de Valores (BMV). One of them, FEFA 26-2V, is a green series for MXN 1,657.1 million (USD 90 million). The primary book totaled MXN 5,000 million (USD 272 million) and the over-allotment added MXN 1,297.8 million (USD 71 million). The book closed on October 13 and settlement is on October 15, 2026.
The terms
- FEFA 26-5: MXN 3,026.7 million (USD 165 million), including an over-allotment of MXN 623.7 million. Tenor of 588 days (about 1.6 years), maturing on May 25, 2028. Rate: compounded TIIE de Fondeo plus 31 basis points.
- FEFA 26-6: MXN 1,614.1 million (USD 88 million), including an over-allotment of MXN 332.6 million. Tenor of 1,092 days (about 3 years), maturing on October 11, 2029. Rate: compounded TIIE de Fondeo plus 35 basis points.
- FEFA 26-2V (green): MXN 1,657.1 million (USD 90 million), including an over-allotment of MXN 341.5 million. Tenor of 1,820 days (about 5 years), maturing on October 9, 2031. Rate: compounded TIIE de Fondeo plus 40 basis points.
- Payments: interest every 28 days; principal in a single payment at maturity. Unsecured, with no guarantee.
- Ratings: HR AAA from HR Ratings and mxAAA from S&P Global Ratings, for all three series.
- Placement agents: Casa de Bolsa Banorte, Casa de Bolsa BBVA México, Casa de Bolsa Santander, HSBC Casa de Bolsa and Scotia Inverlat Casa de Bolsa. Common representative: Monex Casa de Bolsa.
FEFA issues through Banco de México as trustee, under a program of up to MXN 100,000 million (USD 5,449 million). It lends to intermediaries that lend to agriculture and agri-food chains. HR Ratings bases its rating on implicit support from the Federal Government. The green series is issued under FEFA’s sustainable bond framework, with a second opinion from S&P Global Ratings; proceeds must finance or refinance projects with a positive environmental impact.
Why it matters
An over-allotment of 26% over the primary book signals demand for AAA development-bank paper. The curve was flat: 31 basis points at 1.6 years, 35 at 3 years and 40 at 5 years. The five-year green notes paid only 5 basis points more than the three-year series. Earlier this month, BanBajío paid 49 basis points over 3 years.
The proceeds of these issues reach agribusinesses and rural developers through banks and non-bank lenders. Long-term issues at tight spreads let development banks widen the credit available for long-dated projects, especially those that qualify as green.
What to review
- Whether your project qualifies for FIRA-backed credit through your bank or lender.
- Whether any investment could fit a green framework and access lower-cost credit.
- How far your loan spread sits from what development banks pay in the market.
At Borax Capital we negotiate funding with banks, development banks and funds, and structure debt placements so companies reach the market with the documentation investors require.
US dollar amounts converted at Banco de México’s FIX rate of October 13, 2026 (MXN 18.3528 per USD). Source: placement notices for FEFA 26-5, FEFA 26-6 and FEFA 26-2V, Bolsa Mexicana de Valores, October 13, 2026; HR Ratings, September 24, 2026. Information from public sources; the mention does not imply any commercial relationship. This content is for information only and is not investment advice or an offer of securities.
This content is for informational purposes only and does not constitute investment advice or an offer of securities.
