{"id":19884,"date":"2026-09-28T12:00:15","date_gmt":"2026-09-28T18:00:15","guid":{"rendered":"https:\/\/miranda-partners.com\/news-and-content\/miranda-intelligence\/market-chatter\/mexico-market-chatter-sep-12-sep-18-2026\/"},"modified":"2026-11-05T21:46:21","modified_gmt":"2026-11-06T03:46:21","slug":"mexico-market-chatter-sep-12-sep-18-2026","status":"publish","type":"post","link":"https:\/\/miranda-partners.com\/es\/news-and-content\/miranda-intelligence\/market-chatter\/mexico-market-chatter-sep-12-sep-18-2026\/","title":{"rendered":"Mexico Market Chatter \u2013 Sep. 12 \u2013 Sep. 18, 2026"},"content":{"rendered":"
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Markets<\/strong><\/h3>

En\u00a0S&P \/ BMV IPC<\/strong>\u00a0fell another 0.9% over the last week to close at 63,375.93 pts. as global risk aversion continued. Meanwhile, the Mexican peso lost 1.5% to close at MXN$17.15\/USD; the yield of the 10-year M-Bono was down 2 bps to 9.44%.<\/p>

En\u00a0S&P \/ BMV IPC’s<\/strong>\u00a0top weekly gainers were: LIVEPOL C-1 (+3.7%), KIMBER A (+3.4%), and FEMSA UBD (+3.0%). On the other hand, the main weekly losers were: GFNORTE O (-4.2%), GCARSO A1 (-4.0%) and CEMEX CPO (-3.9%).<\/p>

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Public Companies<\/strong><\/h3>

Am\u00e9rica M\u00f3vil\u2019s subsidiaries Telmex and Telnor proposed a 14.16% discount to retail reference prices for wholesale resale services offered to third-party operators in 2027.<\/strong>\u00a0The proposal was submitted to CRT under the asymmetric regulatory framework applicable to Am\u00e9rica M\u00f3vil. Telmex also challenged elements of the retail-minus methodology used to determine wholesale tariffs. Separately,\u00a0Claro Chile, a subsidiary of Am\u00e9rica M\u00f3vil, filed a lawsuit against the Chilean government seeking the annulment of its agreement with WOM,<\/strong>\u00a0which established revised deadlines and conditions for WOM\u2019s 5G network deployment under a 2021 tender. Claro argued that the agreement granted favorable conditions to WOM by extending deadlines and modifying the original requirements. The company also questioned the decision not to execute guarantees committed by WOM and requested the annulment of the government resolution that approved the agreement.\u00a0Am\u00e9rica M\u00f3vil\u2019s Claro plans to migrate eligible HFC customers to Desktop\u2019s GPON fiber network over an 18-month period,<\/strong>\u00a0following the agreement to acquire a 73% stake in Desktop. Claro expects to identify eligible customers between months two and five and consolidate redundant infrastructure within 24 months. Desktop operates approximately 58,000 km of fiber infrastructure in S\u00e3o Paulo.<\/p>

Cox Asset M\u00e9xico completed an US$800 million hybrid capital issuance as part of its financial restructuring following the acquisition of Iberdrola\u2019s Mexican assets.<\/strong>\u00a0Cox will allocate US$733 million of proceeds to repay long-term acquisition financing. Cox targets a Moody\u2019s investment-grade rating within the next 12\u201318 months.<\/p>

Femsa entered into a new accelerated share repurchase agreement with a U.S. financial institution to repurchase up to US$280 million of shares through ADS.<\/strong>\u00a0The final number of ADS to be repurchased will depend on their daily volume-weighted average price during the agreement period, less a discount. FEMSA expects final settlement before YE26.\u00a0Femsa added more than 24,000 OXXO stores to CFE Internet\u2019s physical recharge network,<\/strong>\u00a0allowing customers to make payments for telecommunications services across its nationwide convenience-store footprint. In related news,\u00a0OXXO plans to invest around MXN$300 million in Estado de M\u00e9xico through YE26 and open 80 additional stores<\/strong>, generating 580 direct jobs.<\/p>

Fresnillo appointed Rodrigo Sandoval as CFO, effective November 1st<\/sup>, 2026, succeeding Mario Arregu\u00edn, who will retire after a 37-year career with the company.<\/strong>\u00a0Sandoval will join Fresnillo as CFO Designate on September 21st<\/sup>\u00a0and work alongside Arregu\u00edn during the transition. He previously served as CFO of Grupo Gigante from 2018 to August 2026 and earlier held senior finance roles at Grupo M\u00e9xico. Arregu\u00edn will remain with Fresnillo as Senior Advisor from November 1st<\/sup>\u00a0through the end of January 2027.<\/p>

Mercado Libre\u2019s Mercado Pago continues its transition to become a bank in Mexico, with its banking-license process approximately halfway completed and no definitive authorization date.\u00a0<\/strong>The company expects the license to expand its product offering into payroll portability and interest-bearing savings while maintaining credit and payment services. Pedro Rivas, CEO of Mercado Pago M\u00e9xico, said the authorization process remains on schedule.<\/p>

Fibra Uno reopened its unsecured FUNO 26-2V bond for MXN$1.5 billion in the domestic market<\/strong>\u00a0at a fixed rate of MBONO + 170 bps, with maturity in July 2036. The Trust will use the proceeds to repay existing debt.<\/p>

Fibra Mty plans to launch a second tender offer for Fibra Macquarie CBFI\u2019s it does not already own, offering 3.20 Fibra Mty CBFIs for each Fibra Macquarie CBFI.<\/strong>\u00a0Holders would alternatively be able to elect MXN$44.00 in cash per Fibra Macquarie CBFI, subject to a maximum aggregate cash consideration of MXN$6.5 billion, or receive a combination of CBFIs and cash. The transaction remains subject to regulatory approvals from CNBV and Comisi\u00f3n Nacional Antimonopolio.<\/p>

Bimbo Bakeries reached a labor agreement with Brotherhood of Teamsters Locals 170 and 633,<\/strong>\u00a0averting a strike authorized by sales and warehouse employees at its New England operations. The agreement was ratified by 90% of more than 200 workers and includes higher wages, improved pension benefits, lower healthcare costs and employment protections. The agreement follows a separate six-year labor contract reached in July with 200 Teamsters members in New York and New Jersey, which included wage increases of up to 40%.<\/p>

Genomma Lab\u2019s Board of Directors appointed founder and Chairman Rodrigo Herrera Aspra as interim CEO effective January 1st, 2027<\/strong>, while continuing to serve as Chairman of the Board. Juan Marco Sparvieri will remain actively involved in the transition through December 31st, 2026. Herrera is expected to serve for 12\u201318 months and complete the implementation of a new company-wide operating model while the Board searches for a long-term successor. The model will integrate an existing AI-agent platform across marketing, sales, supply and finance, following an initial test with Suerox Mineral, and subsequently extend across the company\u2019s portfolio and operations in 18 countries.<\/p>

Grupo Traxion announced that a company in which Mr. Aby Lijtszain Chernizky,<\/strong>\u00a0the company\u2019s Executive President, holds an equity interest has notified Traxion\u2019s Board of Directors of its intention to begin the process to launch a voluntary tender offer to acquire up to 100% of Traxion\u2019s outstanding shares at MXN$13.18 each (around MXN$7.15 billion for 100% of shares). This price represents a premium of more than 20% over previous 60 days ending on September 11ava<\/sup>, 2026. Grupo Traxi\u00f3n said that the main objective of this offer is not to delist the company\u2019s shares from the Mexican Bolsa and that it instead seeks to provide a mechanism for an orderly exit and liquidity to its shareholders and institutional investors.<\/p>

Lamosa plans to invest US$220 million in a new automated ceramic coatings plant in Tlaxcala.<\/strong>\u00a0The first phase is expected to begin operations in November and add 1.2 million square meters to the company\u2019s production capacity. Federico Toussaint Elos\u00faa, Lamosa\u2019s Chairman and CEO, announced the project during Expo Pyme 2026 organized by Caintra in Monterrey.<\/p>

Nemak launched a tender offer for all of its outstanding 2.250% Senior Notes due 2028, together with a consent solicitation to amend the notes\u2019 indenture.<\/strong>\u00a0The company is offering \u20ac1,000 per \u20ac1,000 principal amount tendered plus accrued and unpaid interest, with the offer scheduled to expire on September 22nd<\/sup>. Nemak intends to retire and cancel the accepted notes and may subsequently redeem any notes that remain outstanding.<\/p>

Acosta Verde reported that existing shareholders subscribed only two shares,<\/strong>\u00a0leaving 6.3 million shares unsubscribed during the August 25-September 9 preemptive rights period. Of the remaining shares, 4.5 million will be offered to minority partners in connection with the acquisition contemplated under the assignment agreements, subject to the fulfillment of the applicable closing conditions. Payment for these shares will be partially offset against receivables owed to the minority partners as consideration for the transferred trust rights.<\/p>

Other Companies<\/strong><\/h3>

Harbour Energy plans to allocate more than 20% of its global investment to Mexico over the next five years,\u00a0<\/strong>equivalent to approximately US$20 billion, primarily for oil and gas projects. The company expects to deploy two to three offshore platforms, at least two processing systems and three to four additional pieces of equipment. Harbour Energy holds a 12.4% interest in the Zama field, operated by Pemex.<\/p>

Six bidders qualified to participate in the September 25ava<\/sup>\u00a0auction of AHMSA and MINOSA assets.<\/strong>\u00a0The assets have an initial combined valuation of US$1.3 billion, comprising US$1.2 billion for AHMSA and US$125 million for MINOSA. The court granted bidders an additional three business days to provide the required performance guarantee. The trustee and secured creditors confirmed that the assets can be sold as a single productive unit. The bankruptcy trustee aims to obtain more than US$1.0 billion to fund creditor payments.<\/p>

BlackRock M\u00e9xico Infraestructura II, manager of the development capital certificates \u2018ICUA2CK 14\u2019, completed the acquisition of a photovoltaic power plant in Aguascalientes.<\/strong>\u00a0The transaction closed on September 10ava<\/sup>\u00a0after all closing conditions under the share purchase agreement were satisfied. The facility has 67.7 MW of installed alternating-current capacity. Financial terms were not disclosed.<\/p>

SHCP selected I Squared Capital to manage a financing vehicle designed to attract private capital for electricity projects in Mexico.<\/strong>\u00a0The vehicle\u2019s size and structure remain under development, while Banobras could provide up to MXN$80 billion for renewable-energy projects directly or through the mechanism. Mexico\u2019s electricity plan targets 32 GW of additional capacity through 2040, which would require approximately US$37.5 billion of investment.<\/p>

The National antitrust Commission launched an ex officio investigation into potential anticompetitive practices in Mexico\u2019s professional football market.<\/strong>\u00a0The probe will assess whether Federaci\u00f3n Mexicana de Futbol (FMF) created barriers of entry through the elimination of promotion and relegation in Liga MX. The investigation will last 30-120 business days and may be extended up to three times for an additional 120 business days each. If anticompetitive conduct is established, the authority may impose fines of up to 10% of the responsible economic agent\u2019s annual revenue.<\/p>

Grupo Lala plans to repay LALA 18, LALA 19 and LALA 20 early on September 22nd<\/sup>.<\/strong>\u00a0The repayment is conditional on the successful issuance of LALAC 26 and LALAC 26-2, which is also scheduled for September 22nd<\/sup>. Lala will disclose the total repayment amount to CNBV, BMV and Indeval two business days before the scheduled payment.<\/p>

JP3 Financial received final authorization to begin operations as an IFPE through Paycaster, its digital account and payments platform.<\/strong>\u00a0Management expects Paycaster to reach 300 million transactions in Mexico within one month of launch, supported by an alliance with a nationwide retail chain that provides access to a potential base of approximately 11 million users. The platform will offer SPEI transfers, bill payments, mobile top-ups and physical and digital card payments. JP3 invested approximately MXN$300 million in the platform and its first two years of development and operations.<\/p>

Kueski appointed Jordan Olivier as CFO to oversee financial strategy, capital and debt management, and unit economics as the company expands Kueski Pay and its digital-credit offering.<\/strong>\u00a0Olivier has more than 25 years of experience across fintech, consumer credit, banking and capital markets, including positions at Charles Schwab, LendingClub, SeedFi and Braviant. Kueski has originated approximately 40 million loans in Mexico, while Kueski Pay is integrated with nearly 40% of the country\u2019s leading e-commerce merchants.<\/p>

Geely-owned Zeekr and Lynk & Co sold 2,577 electrified vehicles in Mexico during the first eight months of 2026.<\/strong>\u00a0The companies identified Mexico as one of their higher-potential international growth markets after the Zeekr 7X and Lynk & Co 08 reached 200,000 cumulative global deliveries. The Lynk & Co 08 ranked among the three best-selling vehicles in its segment in Mexico during 1H26, while the Zeekr 7X ranked first in its mid-size battery-electric SUV segment.<\/p>

TV Azteca filed a Chapter 15 petition with the U.S. Bankruptcy Court for the Southern District of New York seeking recognition of its Mexican concurso mercantil process.<\/strong>\u00a0TV Azteca\u2019s concurso mercantil entered the conciliation stage in July.<\/p>

Planet Fitness reached 50 clubs in Mexico, four years after local operator Fitness para Todos began developing the franchise in 2022.<\/strong>\u00a0In the long term, the company plans to reach 200 locations across several Mexican cities and expand its membership and service offering.<\/p>

Klar Empresarial expanded its financial platform to independent business taxpayers,<\/strong>\u00a0including those under RESICO, addressing a potential market of 10\u201312 million registered taxpayers in Mexico. The offering includes credit, debit, investment and cashback products, with cashback of up to 6% on selected operating expenses.<\/p>

Afirme Banco and Caintra Nuevo Le\u00f3n signed an agreement providing approximately 4,500 affiliated SMEs access to financing.<\/strong>\u00a0The program includes commercial credit at preferential rates with terms of up to 60 months and no origination fee. Members can also access leasing of up to MXN$5 million for equipment, transportation and machinery, as well as factoring facilities backed by accounts receivable. The agreement is Caintra\u2019s third financing alliance with a financial institution this year.<\/p>

The proposed Ley de Econom\u00eda Digital would recognize CURP Digital as an identification mechanism for remotely contracting financial products,<\/strong>\u00a0including savings accounts and credit. The measure forms part of Paquete Econ\u00f3mico 2027 and would apply to digital onboarding across banks, fintechs and other financial institutions. CURP Digital would not be mandatory for financial transactions.<\/p>

Economy<\/strong><\/h3>

ANTAD\u2019s SSS increased 1.7% YoY in August<\/strong>, the strongest performance in the last 4 months. They were driven mainly by 4.1% growth at specialty stores and 2.8% at department stores, partially offset by a 0.7% decline at supermarkets. Total sales were up 4.2% YoY, supported by 7.9% rise at specialty stores, 4.0% at department stores and 2.0% at supermarkets.<\/p>

INEGI\u2019s IOCP estimates private consumption to have risen 0.2% MoM and 1.6% YoY in July.<\/strong>\u00a0For August, the indicator anticipates 0.1% MoM and 0.9% YoY growth.<\/p>

Aggregate supply and demand increased 1.7% QoQ in 2Q26<\/strong>\u00a0based on seasonally adjusted data, according to INEGI. Exports rose 9.3%, gross fixed capital formation grew 4.3%, and private and government consumption were each up 0.9%. Aggregate supply and demand expanded 5.8% YoY based on original data. Exports were up 14.5%, gross fixed capital formation rose 3.9%, government consumption grew 3.0%, and private consumption increased 2.1%.<\/p>

International visitor arrivals increased by 2.9% YoY to 8.651 million in July,<\/strong>\u00a0driven by a 3.8% rise in international tourists and a 2.0% growth in international excursionists. Total spending declined 1.3% YoY to US$2.961 billion, while average spending decreased 4.1% YoY to US$342.3.<\/p>

Foreign investors\u2019 share of outstanding Mexican sovereign debt declined to 11.12% in August from 11.25% in July, while total holdings remained broadly stable at MXN$1.785 trillion,\u00a0<\/strong>according to Banco de M\u00e9xico data cited by Axis Negocios. Cetes holdings declined 5.1% MoM in August, while Bonos M holdings increased 0.8% MoM.<\/p>

Foreign investors recorded net outflows of US$765.7 million from Mexican equities in August,<\/strong>\u00a0the third consecutive monthly outflow and the largest since March. Net foreign equity outflows totaled US$550.3 million over the January-August period. Foreign holdings declined 0.9% MoM to US$193.649 billion, standing 6.2% below the February record.<\/p>

Manufacturing production increased 0.9% MoM in July<\/strong>\u00a0on seasonally adjusted data and 1.8% YoY based on original data, according to INEGI.<\/p>

Total AUM\u2019s of the Afore system increased by 15.9% YoY to MXN$9.020 trillion, led by Profuturo (+20.9% YoY), SURA (+18.0%) and Banamex (+15.5%)<\/strong>, according to CONSAR. The sector\u2019s investment mix comprised international equities 14.4%, private domestic debt 11.3%, structured investments 7.7%, domestic equities 6.5%, other investments 3.7%, Fibras 3.1%, commodities 1.1% and foreign debt 0.6%. The Afores recorded combined investment gains of MXN$84.126 billion in August, bringing cumulative gains to MXN$475.433 billion over the January-August period.<\/p>

USMCA.<\/strong>\u00a0President Claudia Sheinbaum confirmed that she held a call with U.S. President Donald Trump on September 16, during which both governments reached preliminary understandings with respect to the trade agreement. Sheinbaum indicated that the terms will remain undisclosed until a final agreement is reached. Foreign Affairs Secretary Roberto Velasco and Economy Minister Marcelo Ebrard participated in the conversation. The discussion preceded the fourth round of Mexico-U.S. negotiations ahead of the USMCA joint review. The fourth round of negotiations is expected to take place on September 28-29ava<\/sup>.<\/p>

Subasta CETES:<\/strong>\u00a028-day CETES flat at 6.25%; 91-day CETES +10 bps to 6.66%; 182-day CETES +12 bps to 6.90% and 363-day CETES +24 bps to 7.24%.<\/p>

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\u00a0Descargar PDF: Mexican Market Chatter September 11th \u2013 September 18th \u2013 ENG<\/a> Mexican Market Chatter September 11th \u2013 September 18th \u2013 ESP<\/a><\/p>","protected":false},"excerpt":{"rendered":"

The\u00a0S&P \/ BMV IPC\u00a0fell another 0.9% over the last week to close at 63,375.93 pts. as global risk aversion continued. Meanwhile, the Mexican peso lost 1.5%<\/p>","protected":false},"author":35,"featured_media":19885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":["post-19884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-chatter"],"_links":{"self":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/19884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/comments?post=19884"}],"version-history":[{"count":1,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/19884\/revisions"}],"predecessor-version":[{"id":19891,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/19884\/revisions\/19891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/media\/19885"}],"wp:attachment":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/media?parent=19884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/categories?post=19884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/tags?post=19884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}