Markets: Mexico Mexico
Mexico

KEY INDUSTRY VIEWS: MEXICO 

DOCUMENTATION: MEXICO


NEW DEVELOPMENTS

February 5, 2014
Moody's Upgrades Mexico's Government Bond Rating from Baa1 to A3.

December 19, 2013
Standard & Poor's Upgrades Mexico's Long-Term Foreign Currency Rating from BBB to BBB+.

May 6, 2013
EMTA Special Seminar on the Mexican Homebuilder Sector to be Held on May 16, 2013. Click Here to Register.
 

November 30, 2012
EMTA Special Seminar: Developments in Mexican Insolvency Law, Recent Cases and Implications for EM Corporate Bonds

November 14, 2012
EMTA Special Seminar: Developments in Mexican Insolvency Law, Recent Cases and Implications for EM Corporate Bonds to be Held on November 30, 2012. Click Here to Register.
 

October 31, 2012
EMTA Special Seminar: Developments in Mexican Insolvency Law, Recent Cases and Implications for EM Corporate Bonds to be Held on November 1, 2012.  POSTPONED.
 

October 9, 2012
EMTA Special Seminar: Vitro and Cemex: Developments in Mexican Insolvency Law and Implications for EM Corporate Bonds to be Held on November 1, 2012. Click Here to Register.

June 25, 2012
Vitro’s Mexican Plan of Reorganization Denied Comity in the U.S. (Davis Polk Memo).

December 7, 2011
EMTA Special Presentation: The Vitro Effect: Troubling Development in Mexican Insolvency Law

  • Agenda 
  • Rigging the Game in Mexico: The Role of Intercompany Claims  (Alejandro Sainz, Cervantes y Sainz) 
  • Mexico’s Concurso Mercantil from an International Bondholder’s Perspective - Should There be a “Vitro Premium?” (Robert Rauch, Gramercy Advisors) 
  • How Did Recovery Ratings on Mexican Corporate Issuers Perform Through the Financial Crisis?   (Jose Coballasi, Standard & Poor’s) 
  • Mexico: Can it Have a Prosperous Future Without Effective Rule of Law?  (Claudio Loser, Senior Fellow, Inter-American Dialogue; President, Centennial Group Latin America; Former IMF Western Hemisphere Director (1994 – 2002))
  • Document containing links to the above presentations and other articles and cases of interest 
  • Download audio 
  • Wilmington Trust v. Vitro.

    November 21, 2011
    EMTA Special Presentation: The Vitro Effect: Troubling Developments in Mexican Insolvency Law to be Held on December 7, 2011. Click Here to Register.

    June 13, 2011
    EMTA Special Seminar: Mexican Corporate Bankruptcy. 

    June 1, 2011
    EMTA Special Seminar: Mexican Corporate Bankruptcy to be Held on June 13, 2011. Click Here to Register

    January 10, 2011
    IMF Board Approves $72 Bio Credit Line Facility for Mexico.
     

    June 1, 2010

    EMTA Special Presentation: Mexican Bankruptcy – Legislation, Practices, Trends and Cross-Border Issues:

     

    May 11, 2010

    EMTA Special Presentation: Mexican Bankruptcy – Legislation, Practices, Trends and Cross-Border Issues to be Held on June 1, 2010. Click Here to Register.

    December 14, 2009

    Standard & Poor’s Downgrades Mexico’s Foreign-Currency Sovereign Credit Rating from BBB+ to BBB. 

    December 8, 2009

    Presentation by Mexican Finance Minister Carstens at EMTA Special Meeting. 

    December 2, 2009

    Minister of Finance Carstens of The United Mexican States to speak at EMTA Special Presentation in New York, Tuesday, December 8, 2009. Click Here to Register.

    November 23, 2009

    Fitch Downgrades Mexico's Foreign Currency Issuer Default Rating from BBB+ to BBB. 

    May 11, 2009

    EMTA Special Presentation “Mexico’s Corporate Sector Troubles: Investment Implications and Forecasts”.

    "Mexico: A safe vessel or a risky wreck in turbulent waters?"  Report  and  Slide Presentation  by Claudio M. Loser, Centennial Group Latin-America.

    April 24, 2009

    EMTA Special Presentation “Mexico’s Corporate Sector Troubles: Investment Implications and Forecasts” in NYC on May 11, 2009.  Click Here to Register.

    April 1, 2009

    Joint Press Release from Mexican Finance Ministry and Central Bank Announcing Mexico Will Apply for IMF's Flexible Credit Line (FCL). 

    October 29, 2008

    US Federal Reserve Press Release on Swap Lines with Brazil, Mexico, South Korea and Singapore. 

    June 16, 2008

    Calculations for Payments on Mexico VRR's, Series F, Announced. 

    March 17, 2009

    Calculations for Payments on Mexico VRR's, Series F, Announced. 

    February 8, 2008

    Mexico VRR, Series F, Record Date of March 14 and Payment Date of March 31. Trades are ‘Ex-Dividend’ on March 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly. 

    December 19, 2007

    Calculations for Payments on Mexico VRR's, Series F, Announced. 

    November 16, 2007

    Mexico VRR, Series F, Record Date of December 17 and Payment Date of December 31. Trades are ‘Ex-Dividend’ on December 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    October 8, 2007

    Standard & Poor's Upgrades Mexico's Long-Term Foreign-Currency Rating from BBB to BBB+. 

    September 19, 2007

    Fitch Upgrades Mexico's Long-Term Foreign Currency Issuer Default Rating from BBB to BBB+. 

    Calculations for Payments on Mexico VRR's, Series F, Announced. 

    September 12, 2007

    Mexico VRR, Series F, Record Date of September 14 and Payment Date of October 1 Expected. Trades are ‘Ex-Dividend’ on September 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    June 15, 2007

    Calculations for Payments on Mexico VRR's, Series E, Announced. 

    May 16, 2007

    Calculations for Payments on Mexico VRR's, Series E, Announced. 

    Mexico VRR, Series E, Record Date of June 15 and Payment Date of July 2 Expected. Trades are ‘Ex-Dividend’ on June 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    March 16, 2007

    Calculations for Payments on Mexico VRR's, Series E, Announced. 

    February 12, 2007

    Market Practice for Ecuador 2030 Bonds. 

    Mexico VRR, Series E, Record Date of March 16 and Payment Date of April 2 Expected. Trades are ‘Ex-Dividend’ on March 14. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    December 18, 2006

    Calculations for Payments on Mexico VRR's, Series E, Announced. 

    November 17, 2006

    Mexico VRR, Series E, Record Date of December 15 and Payment Date of January 2 Expected. Trades are ‘Ex-Dividend’ on December 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    September 18, 2006

    Calculations for Payments on Mexico VRR's, Series E, Announced. 

    August 9, 2006

    Mexico VRR, Series E, Record Date of September 15 and Payment Date of October 2 Expected. Trades are ‘Ex-Dividend’ on September 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    June 19, 2006

    Calculations for Payments on Mexico VRR's, Series D, Announced. 

    June 1, 2006

    Mexico VRR, Series D, Record Date of June 15 and Payment Date of June 30 Expected. Trades are ‘Ex-Dividend’ on June 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    March 17, 2006

    Calculations for Payments on Mexico VRR's, Series D, Announced and Revised Primer.

    February 21, 2006

    Mexico VRR, Series D, Record Date of March 16 and Payment Date of March 31 Expected. Trades are ‘Ex-Dividend’ on March 14. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    December 19, 2005

    Calculations for Payments on Mexico VRR's, Series D, Announced. 

    November 29, 2005

    Mexico VRR, Series D, Record Date of December 16 and Payment Date of December 31 Expected. Trades are ‘Ex-Dividend’ on December 14. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    November 18, 2005

    Mexico Announces the Results of Its Warrants Issue. 

    September 19, 2005

    EMTA's Third Quarter Bulletin is Now Available in our Bulletin Section.

    Calculations for Payments on Mexico VRR's, Series D, Announced. 

    August 10, 2005

    Mexico VRR, Series D, Record Date of September 15 and Payment Date of September 30 Expected. Trades are 'Ex-Dividend' on September 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    June 16, 2005

    Calculations for Payments on Mexico VRR's, Series C, Announced  and Revised Primer. 

    March 23, 2005

    Mexico VRR, Series C, Record Date of June 15 and Payment Date of June 30 Expected. Trades are ‘Ex-Dividend’ on June 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    March 17, 2005

    Calculations for Payments on Mexico VRR’s, Series C, Announced. 

    March 9, 2005

    Mexico VRR, Series C, Record Date of March 16 and Payment Date of March 31 Expected. Trades are ‘Ex-Dividend’ on March 14. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    January 31, 2005

    Standard & Poor’s Upgrades Russian Long-Term Foreign Currency Rating to Investment Grade. 

    Standard & Poor’s Upgrades Mexico’s Long-Term Foreign Currency Rating to BBB. 

    December 17, 2004

    Calculations for Payments on Mexico VRR’s, Series C, Announced. 

    November 17, 2004

    Mexico VRR, Series C, Record Date of December 16 and Payment Date of December 31 Expected. Trades are ‘Ex-Dividend’ on December 14. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    September 17, 2004

    Calculations for Payments on Mexico VRR's, Series C, Announced. 

    September 8, 2004

    EMCC Notice Regarding Exiting of Failed Warrant Transactions. 

    August 10, 2004

    Mexico VRR, Series C, Record Date of September 15 and Payment Date of September 30 Expected. Trades are ‘Ex-Dividend’ on September 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    June 17, 2004

    Calculations for Payments on Mexico VRR’s, Series B, Announced. 

    Calculations for Payments on Uruguay VRR's Announced. 

    May 12, 2004

    Mexico VRR, Series B, Record Date of June 15 and Payment Date of June 30 Expected. Trades are ‘Ex-Dividend’ on June 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    March 17, 2004

    Calculations for Payments on Mexico VRR's, Series B, Announced. 

    March 5, 2004

    Mexico VRR, Series B, Record Date of March 15 and Payment Date of March 31 Expected. Trades are ‘Ex-Dividend’ on March 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    December 17, 2003

    Calculations for Payments on Mexico VRR’s, Series B, Announced. 

    October 29, 2003

    Mexico VRR, Series B, Record Date of December 15 and Payment Date of December 31 Expected. Trades are ‘Ex-Dividend’ on December 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    September 16, 2003

    Calculations for Payments on Mexico VRR’s, Series B, Announced. 

    August 7, 2003

    Mexico VRR, Series B, Record Date of September 15 and Payment Date of September 30 Expected. Trades are ‘Ex-Dividend’ on September 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    July 1, 2003

    Citibank Clarifies No Principal Payment on Mexico VRR's, Series A, Expired on June 30, 2003. 

    June 16, 2003

    Calculations for Payments on Mexico VRR’s, Series A, Announced. 

    Mexico's Ministry of Finance Announces It Will Call LRA, SSF, DGU and DMK Par Bonds. (Mexico Becomes First Country to Retire Entire Brady Issuance.) 

    June 12, 2003

    EM Sovereign Bond Documentation Charts for Brazil and Mexico.

    May 28, 2003

    Mexico VRR Record Date of June 13 and Payment Date of June 30 Expected. Trades are ‘Ex-Dividend’ on June 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    May 23, 2003

    EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia. 

    May 2, 2003

    EM Sovereign Bond Documentation Charts for Brazil and Mexico.

    April 16, 2003

    EM Sovereign Bond Documentation Charts for Mexico and Uruguay.

    IMF Statement Re: Uruguay Exchange Offer. 

    April 12, 2003

    IMF Spring Meetings -- Official Communiques and Statements: Official Sector Lauds Mexico for Introducing CACs, SDRM Called "Not Feasible'.

     

    April 8, 2003

    Notice from Fiscal Agent on Mexico Redemption of USD Series A and B Par Bonds. 

    April 7, 2003

    Mexico's Ministry of Finance Announces It Will Call USD Series A and B Par Bonds. 

    February 26, 2003

    EMCA Releases Statement on Mexico's Decision to Issue Bonds Containing Collective Action Clauses (CACs). 

    February 24, 2003

    U.S. Treasury Statement Regarding the Decision by Mexico to Issue Bonds with Collective Action Clauses. 

    Mexico VRR Record Date of March 14 and Payment Date of March 31 Expected. Trades are ‘Ex-Dividend’ on March 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    December 17, 2002

    Calculations for Payments on Mexico VRR’s, Series A, Announced. 

    November 21, 2002

    Mexico VRR Record Date of December 16 and Payment Date of December 31 Expected. Trades are ‘Ex-Dividend’ on December 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    September 17, 2002

    Calculations for Payments on Mexico VRR's, Series A, Announced. 

    August 8, 2002

    Mexico VRR Record Date of September 13 and Payment Date of September 30 Expected. Trades are ‘Ex-Dividend’ on September 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    July 2, 2002

    Clearing Systems Distribute Mexico VRR's (Series E). 

    June 21, 2002

    Revised Primer for Mexico VRR’s. 

    June 18, 2002

    Calculations for Payments on Mexico VRR’s, Series A, Announced. 

    June 17, 2002

    New Market Practices for Mexico USD Par Bond Trades and Their Related VRR’s. 

    Market Practices for Option, Forward and Repo Trades of Mexico USD Par Bonds and their related Value Recovery Rights. 

    Clearing Systems Distribute Mexico VRR’s (Series B, C and D). 

    June 3, 2002

    Mexico VRR Record Date of June 14 and Payment Date of July 1 Expected. Trades are ‘Ex-Dividend’ on June 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    May 2, 2002

    Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series D). 

    April 17, 2002

    Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series C). 

    April 3, 2002

    Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series B). 

    March 19, 2002

    Mexico Redeems Floating Rate Notes. 

    March 15, 2002

    Calculations for Payments on Mexico VRR's, Series A, Announced. 

    March 11, 2002

    Mexico VRR Record Date of March 15 and Payment Date of April 1 Expected. Trades are ‘Ex- Dividend’ on March 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.

    February 7, 2002

    Mexico Is Upgraded by Standard & Poor's to BBB-. 

    February 6, 2002

    Mexico is Upgraded by Moody's to Baa2. 

    December 18, 2001

    Calculations for Payments on Mexico VRR's, Series A, Announced. 

    December 5, 2001

    Presentation by Francisco Gil-Diaz, Minister of Finance of Mexico, at EMTA's 2001 Annual Meeting. 

    November 29, 2001

    Mexico VRR Record Date of December 15 and Payment Date of December 31 Expected. Trades are ‘Ex-Dividend’ on December 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent in the Next Few Weeks.

    November 19, 2001

    Revised Interest Rates for Mexico Collateralized Floating Rate Bonds, USD Discount Series C and Canadian Discount Series. 

    November 5, 2001

    Mexico Redeems FRF Collateralized Fixed Rate Par Bonds due 2019. 

    EMTA's Annual Meeting to be Held on Wednesday, December 5, 2001 in New York City. Invitations, Including the Full Schedule, to be Sent Shortly.

    October 1, 2001

    EMTA Recommends Voluntary Restraint Temporarily in Exercising New VRR Buy-Ins. 

    September 21, 2001

    Calculations for Payments on Mexico VRR's, Series A, Announced. 

    September 19, 2001

    Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series A). 

    September 7, 2001

    Mexico VRR Record Date of September 15 and Payment Date of October 1 Expected. Trades Are 'Ex-Dividend' on September 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent in the Next Few Weeks.

    June 18, 2001

    Calculations for Payments on Mexico VRR's, Series A, Announced. 

    June 12, 2001

    Mexico VRR Record Date of June 15 and Payment Date of July 2 Expected. Trades are 'Ex-Dividend' on June 13.

    April 26, 2001

    EMTA Announces Mexico VRR Reference Prices on a Weekly Basis (Historical Reference Prices are also Available). Members Only, click Mexico VRR Reference Prices under Activities & Services, Market Data.

    April 24, 2001

    Mexico Redeems DGU 31,260,000 Collateralized Floating Rate Bonds due 2019 (DGU Discount Series) and Yen 1,732,500,000 Collateralized Floating Rate Bonds due 2019 (Yen Discount Series). 

    March 19, 2001

    Mexico Exchanges Brady Bonds for Globals Due 2019. 

    March 13, 2001

    Calculations for Payments on Mexico VRR's, Series A, Announced. 

    March 9, 2001

    Mexico VRR Record Date of March 16 and Payment Date of April 2 Expected. Trades are 'Ex-Dividend' on March 14.

    January 26, 2001

    Clearstream Notice Relating to the Detachment of Mexico Par Bond Series A and B Bonds (and Series A VRR's) from the Par Bond Series A and B Units, Respectively. 

    January 24, 2001

    Mexico VRR's - Materials Distributed at the EMTA Open Meeting. 

    Market Practices for Option, Forward and Repo Trades of Mexico USD Discount and Par Bonds and their related Value Recovery Rights.

     

     

    Market Practices for Mexico USD Discount and Par Bonds and their related Value Recovery Rights. 

    January 23, 2001

    Euroclear DACE Notice Relating to the Detachment of Mexico Par Bond Series A and B Bonds (and Series A VRR's) from the Par Bond Series A and B Units, Respectively. 

    January 18, 2001

    New Market Practices for Mexico USD Discount and Par Bonds and their Related Value Recovery Rights (and Related Market Practices for Option, Forward and Repo Trades). 

    Market Practices for Option, Forward and Repo Trades of Mexico USD Discount and Par Bonds and their related Value Recovery Rights. 

    Market Practices for Mexico USD Discount and Par Bonds and their related Value Recovery Rights. 

    December 21, 2000

    Calculations for Payments on Mexico Value Recovery Rights, Series A, Announced. 

    November 17, 2000

    EMTA Primer on Mexico Value Recovery Rights. 

    November 16, 2000

    EMTA Proposes New Market Practice, Effective February 1, 2001, for Separate Trading of Mexico USD Discount and Par Bonds and Related Value Recovery Rights. 

    September 18, 2000

    Calculations for Payments on Mexico Value Recovery Rights, Series A, Announced. 

    July 28, 2000

    Mexico Value Recovery Rights -- EMTA Encourages Bilateral Reconciliation and Netting. Multilateral VRR Netting Facility Planned for the Fall. 

    July 25, 2000

    Mexico VRR Failed Transfers -- To Aid Market Participants in Their Reconciliation Efforts, EMTA is Publishing a Database of Contact Information to Enable Dealers, Custodians and Investors to More Effectively Communicate Among Each Other. 

    June 30, 2000

    Payment on Mexico VRR's will be Made Today to VRR Account Holders as of June 15. Because a Large Backlog of Failed VRR Trades Exists, We Anticipate an Increased Volume of Claims Relating to such Payment. The Discussion Draft of the New Market Practice for June 30 VRR Payment Claims is Now Available for Comment (please e-mail Aviva Werner with any comments).

    June 27, 2000

    EMTA Reaffirms Holiday Schedule Previously Distributed with One Change -- A Recommended 12:00 Noon (London Time) Early Close on Tuesday, July 4, for the Emerging Markets Debt Marketplace in the U.K. 

    EMTA Sponsors Working Group Meeting on Mexico Value Recovery Rights. 

    June 15, 2000

    Calculations for Payments on Mexico Value Recovery Rights, Series A, Announced. Please click here for Citibank Notice and click here for Euroclear DACE Notice. 

    EMTA Sponsors Working Group Meeting on Mexico Value Recovery Rights. 

    June 8, 2000

    EMTA Sponsors Working Group Meeting on Mexico Value Recovery Rights. 

    June 1, 2000

    Market Practice for Mexico Discount Bonds and Value Recovery Rights to Remain Unchanged for Now/EMTA Encourages Market Participants to Redouble Reconciliation Efforts. 

    May 15, 2000

    EMTA Considering Proposed New Market Practices for Mexico Discount Bonds and Related Value Recovery Rights. 

    May 5, 2000

    Mexican Value Recovery Rights - Background and Proposals. 

    February 17, 1999

    Market Practice for the trading of UMS Units, Bonds and Warrants. 

    June 13, 1997

    Market Practices for the trading of Mexican Par Bonds with related Value Recovery Rights. 

    September 27, 1996

    Market Practice for trades of Brady bonds with related Rights or Warrants. 

    September 30, 1992

    Market Practices for trading bonds with related rights or warrants. 

     

    DOCUMENTATION INDEX 

    Legal Memorandum prepared by EMTA’s Mexican Counsel on Cross-Border and Local Derivatives and FX Transactions (5/1/97)

    Legal Memorandum prepared by EMTA’s Mexican Counsel on Cross-Border and Local Securities Financing Transactions (10/96)

    These documents are available in hard-copy only.  To request copies of any of them, please contact Evelyn Ramirez.