Overview

• In the September 23 auction, Cetes closed at 7.20% for 28 days (−0.05), 7.50% for 91 days (−0.03), 7.57% for 175 days (−0.09) and 7.89% for 707 days (−0.18).
• Banxico placed MXN 7,000m in 28‑day and MXN 7,000m in 91‑day Cetes, MXN 14,600m in 175‑day, and MXN 18,000m in 707‑day, drawing demand of 2.60x, 3.92x, 3.07x and 2.26x, respectively.
• Investors are pricing a 25 bp cut to the policy rate from 7.75% to 7.50% at Thursday’s meeting, which would be the third consecutive reduction this year if delivered.
• Short‑tenor yields have fallen sharply in 2025, with the 28‑day down 254 bps and the 91‑day down 229 bps, according to Monex.
• Despite the slide in yields, Cetes still provide positive real returns, with the 28‑day instrument offering roughly 3.6 percentage points above annual inflation.