Mexico’s finance ministry has taken it upon itself to refinance the country’s public debt, especially bonds due in 2025, to help ease the financial burden of the next administration, a senior official said.
Around 40% of that 2025 debt has already been refinanced and the percentage could rise to 70-80%, Finance Undersecretary Gabriel Yorio told Reuters in an interview at his offices on Wednesday.
President Andrés Manuel López Obrador asked the Treasury to refinance as much debt as possible, in addition to reducing costs and extending maturities, Yorio explained.
“He gave us very clear instructions to gradually reduce the 2025 maturities in order to make the financial transition as smooth as possible,” the official mentioned.
Mexicans will elect their next president in June 2024 and López Obrador, who took office in 2018, by law cannot run for a second term. The ruling National Regeneration Movement (Morena) remains much more popular than the main opposition parties.
Mexico City Mayor Claudia Sheinbaum and Foreign Minister Marcelo Ebrard are in the lead for the ruling party’s presidential bid.
Since taking office, the government has refinanced the equivalent of $63 billion in debt, much of which is peso-denominated on the local bond market, equivalent to about 11% of Mexico’s total debt, he said. I laugh.
The government would look for new opportunities to refinance or buy back foreign and domestic debt, added the official, whose team is also working to develop a local debt market based on sustainable bonds.
“What we seek to do is create all the yield curves so that private companies can use them to price their own instruments when they want to launch some kind of (green) bond or raise capital for a sustainable program,” he said.
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