The financing needs of the so-called productive companies of the State will show a decrease, as a percentage of the Gross Domestic Product (GDP), the following year, according to the projections made by the Ministry of Finance and Public Credit (SHCP) in its Annual Plan Financing 2022.
According to the document, for the following year Petróleos Mexicanos (Pemex) and the Federal Electricity Commission (CFE) will require 217.4 billion pesos to cover their financing needs, which represents 0.8% of GDP.
The above is lower by 0.3 points of GDP compared to that of this 2021, when the needs were estimated at 280,700 million pesos, that is, 1.1% of GDP.
James Salazar, deputy director of Economic Analysis at CIBanco, explained that this decrease is in line with the strategy that has been carried out to try to reduce the financial cost of these companies through swaps, capital injection or bond buybacks, as seen in the beginning of this month with Pemex and the 3.5 billion dollars that the government contributed.
“This helps to have a lower financial requirement for the following year, and this is what we see reflected, but in the course of the following year things may change if the situation gets complicated,” he said.
In total, the Treasury estimates that the oil company will need 197.1 billion pesos of financing next year, which represents 0.7% of GDP against 0.8% this year, while the CFE requires 20.3 billion pesos, 0.1% of GDP, less than 0.2% of this 2021.
“It is expected to reach the net indebtedness target equal to zero in real terms at the close of fiscal year 2021 for Pemex. For 2022, it will continue with the objective of maintaining a net indebtedness equal to zero in real terms for the rest of the administration. The financing policy will continue to focus on refinancing the amortizations for the year, seeking a prudent balance of risk and cost, and maintaining financial planning that allows it to face possible periods of volatility and uncertainty that may arise ”, indicated the agency.
In the case of the CFE, the SHCP indicated that it aims to obtain the necessary resources in the best terms and conditions in terms of amount, cost, term and structure, to promote investment projects in infrastructure.
Development banking requirements increase
In contrast to the productive companies of the State, the development bank will increase its financing needs in the year that is about to begin, which, said James Salazar, goes hand in hand with the government’s strategy to give greater impetus to this sector.
According to the Annual Financing Plan, the resources that development banks will need in 2022 will go from representing 2.2% of GDP to 2.5%. In total, its financing needs are estimated at 708.2 billion pesos.
“The financing policy of the Development Bank for 2022 continues with a dynamic and flexible strategy to strengthen the main financial and capital indicators of the banks. It will remain focusing on the efficiency of the liability portfolio through proper management that adjusts to market conditions, maintaining healthy levels of short, medium and long-term financing and considering the characteristics of the assets to be financed. The local market will also be resorted to looking for opportunities in the debt market that allow the use of public offerings in both floating rate and fixed rate formats, ”explained the SHCP.
He added that the issuance of medium and long-term Cebures, Certificates of Deposits and the issuance of thematic bonds will continue to give priority to the sustainable financing strategy, one of the issues that has been strongly promoted by the Ministry of Finance through of sustainable bonds that are linked to the sustainable development goals.
Banobras will be the institution with the greatest financing needs, with an amount of 353,200 million pesos, that is, 1.2% of GDP. Nafin follows, with 209,100 million pesos, which means 0.7% of GDP.
Bancomext, for its part, will need 111.5 billion pesos, while the Federal Mortgage Society will need 40.4 billion pesos, 0.4 and 0.1% of GDP, respectively.
Government will be flexible
In total, the financing needs of the public sector are 3.7 trillion pesos, 13.2% of GDP. The amount is less than this year, when 4.02 trillion pesos were needed, that is, 15.3% of GDP.
“In 2022, the Federal Government: will work efficiently in the management of liabilities to improve the maturity profile of the debt portfolio; will remain active in the search for windows of opportunity in the financial markets in order to satisfy the financing needs at the lowest possible cost and risk; and it will be flexible to adapt its financing strategy to the prevailing conditions in the economic environment, ”the document reads.
ana.martinez@eleconomista.mx
