Nacional Financiera (Nafin) placed MXN 9,750 million (USD 543 million) in development bank notes (Certificados Bursátiles de Banca de Desarrollo) on October 5, its third local placement of 2026. The proceeds will finance SMEs and the strategic sectors of Plan México through second-tier lending, guarantees and direct financing.
The terms
- Size: MXN 9,750 million (USD 543 million), against an initial target of MXN 7,500 million (USD 417 million).
- Demand: bids of MXN 10,137 million (USD 564 million), 1.35 times the target.
- Tenor and rate: 3.3 years, paying interest every 28 days at TIIE de Fondeo plus 23 basis points.
- Ratings: AAA(mex) from Fitch Ratings and HR AAA from HR Ratings.
- Underwriters: BBVA México, Invex, Santander and Scotiabank.
At the end of the first half of 2026, Nafin’s loan book stood at MXN 279,969 million (USD 15,582 million), up 14.6% year on year, with a capital ratio of 18.8%. Its programs include Financiamiento Plan México, Credicadenas Plan México, Mujeres Empresarias and Tu Primer Crédito.
Why it matters
A spread of 23 basis points over TIIE de Fondeo sets the floor for peso funding costs for a AAA issuer backed by the federal government. Any company or developer can use it as a benchmark to see how much of its own financing cost reflects its risk and how much reflects the structure of the deal.
Much of this money reaches companies through intermediaries: banks, sofomes and credit unions that discount loans with Nafin or use its guarantees. For a mid-sized company or a supply-chain vendor, that can mean larger lines or better terms, provided the intermediary can document the loan under development bank programs.
What to review
- Whether your lender runs Nafin second-tier or guarantee programs, and on what terms.
- Whether your company or your supply chain fits the Plan México sectors.
- How far your current financing cost sits from development bank levels, and how much of that gap guarantees or a better structure could close.
At Borax Capital we negotiate funding with banks, development banks and funds, and structure transactions so companies reach those sources with the documentation they require.
US dollar amounts converted at Banco de México’s FIX rate of October 6, 2026 (MXN 17.9670 per USD). Sources: Expansión and Excélsior, October 5, 2026, with information from Nacional Financiera. 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.
