The Instituto del Fondo Nacional para el Consumo de los Trabajadores (FONACOT) placed MXN 5,750 million (USD 312 million) in long-term certificados bursátiles on the Mexican Stock Exchange (BMV), in two series labeled as gender-focused social notes: FNCOT 26G, at a floating rate, and FNCOT 26-2G, at a fixed rate. They are the sixth and seventh issues under its program of up to MXN 60,000 million (USD 3,257 million). The book closed on October 20 and settlement is on October 22, 2026.
The terms
- Amount: MXN 5,750 million (USD 312 million), of which MXN 862.5 million (USD 46.8 million) is over-allotment. The Institute had announced an offering of up to MXN 5,000 million (USD 271 million), with over-allotment of up to MXN 2,000 million (USD 109 million). The notices do not report demand.
- FNCOT 26G: MXN 1,551.3 million (USD 84.2 million), of which MXN 232.7 million (USD 12.6 million) is over-allotment. 1,092 days (about 3 years); matures October 18, 2029. Floating rate: compounded TIIE de Fondeo plus 0.59 percentage points, with interest paid every 28 days.
- FNCOT 26-2G: MXN 4,198.7 million (USD 227.9 million), of which MXN 629.8 million (USD 34.2 million) is over-allotment. 1,820 days (about 5 years); matures October 16, 2031. Fixed rate of 9.24%: the interpolated M Bono (8.51%) plus 0.73 percentage points, with interest paid every 182 days.
- Ratings: HR AAA (HR Ratings) and AAA.mx (Moody’s Local MX).
- Label: gender-focused social notes under FONACOT’s Social Bond Reference Framework, with a second-party opinion from HR Ratings.
- Placement agents: Casa de Bolsa BBVA México, HSBC Casa de Bolsa, Casa de Bolsa Santander and Scotia Inverlat Casa de Bolsa.
- Dates: book close on October 20, 2026; issue and settlement on October 22, 2026.
FONACOT is a federal government agency that lends to formal-sector workers through payroll deduction. In October it presented its 2026 Social Bond Reference Framework. Proceeds from these series go to credit for working women. According to the Institute, the share of women in its Crédito Mujer Efectivo program rose from 34.6% in 2021 to 39% in 2026.
Why it matters
The deal sets two price references for AAA peso debt: 59 basis points over TIIE de Fondeo at three years and 73 basis points over the M Bono at five years fixed. About 73% of the amount went to the fixed-rate series. That points to investor demand for fixed-rate duration.
For a company or developer considering an issue, these spreads from an AAA issuer are the starting point; rating, issue size and collateral adjustments are added on top. A social label adds requirements: a reference framework, an independent second-party opinion and use-of-proceeds reporting.
What to review
- What fixed/floating mix fits your own issue, given the appetite for the five-year fixed series.
- What spread over TIIE de Fondeo or over the M Bono your rating would imply compared with an AAA issuer.
- Whether your projects qualify for a thematic issue, and what framework, second-party opinion and reporting it would require.
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 20, 2026 (MXN 18.4200 per USD). Source: placement notices for FNCOT 26G and FNCOT 26-2G, Bolsa Mexicana de Valores, October 20, 2026; releases and press coverage on FONACOT’s Social Bond Reference Framework (October 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.
