Overview
- Banxico’s Sept. 30 auction set Cetes at 7.19% for 28 days, 7.47% for 91 days, 7.55% for 181 days, and 7.63% for roughly one year, with marginal declines across tenors.
- With annual inflation at 3.74% (INEGI), all listed maturities offer positive real yields, and the one‑year note pays more than double the inflation rate.
- Demand stayed firm as MXN 7,000 million was placed in both 28‑day and 91‑day Cetes with demand of 2.44x and 3.34x, respectively.
- Longer placements included MXN 14,300 million at 181 days with 2.86x demand and MXN 14,000 million at roughly 350 days with 2.96x demand.
- The drift lower follows Banxico’s 25 bp cut to a 7.50% policy rate, and Monex analysts expect further easing that could take the rate near 7% by year‑end.