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Analysis

Sovereign bond market: 20 years on, Mexico becomes an emerging market success story
OBG
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In the 20 years since the Tequila Crisis, Mexico has undergone an impressive transformation. The implementation of sound macroeconomic policies has been welcomed by global investors, resulting in greater confidence in the country’s credit risk profile, while recent structural reforms are expected to boost growth, investment and competition. Mexico has emerged as an attractive market for investors…

Analysis

Stock market: Despite emerging market downturn, solid prospects in Mexico
OBG
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Return Of Risk Aversion During the last four months of 2014 emerging equity markets faced a strong decline. This was mainly due to foreign capital outflows, bolstered by a higher degree of risk aversion amongst investors and driven by the slump in oil prices, geopolitical uncertainty in Ukraine, Greece and the Middle East, and the anticipation of monetary policy normalisation by the US Federal Reserve. Against…

Analysis

Incentivised reform: A changing energy mandate spells new opportunities for hydrocarbons and electricity
OBG
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Since the release of the energy reform in December 2013, the Mexican energy sector has been on the rise. Little by little the rules have been set to turn a closed sector with two state-owned giants – Petróleos Mexicanos (Pemex) and the Federal Electricity Commission (Comisión Federal de Electricidad, CFE) – into a modern-day open market. Much Needed Pemex production has dropped by more than…

Analysis

In the pipeline: Gas production and exports look set for an upswing
OBG
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Bolstered by its substantial natural resources, Mexico’s gas production and exports are expected to rise in the longer term as a result of new investment triggered by the government’s energy liberalisation policies, and a general recovery of hydrocarbons prices from their low point in 2015. According to estimates by BP “Statistical Review of World Energy 2015”, Mexico had 12.3trn cu feet of…

Analysis

Cracking open new markets: New regulations are helping craft brewers find their stride
OBG
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Mexico is the world’s leading beer exporter, producing 86m hectolitres (hl) per year, worth $20bn. The country has topped the list of beer exporters for the past six years, thanks to surging international demand for brands such as Corona Extra, Modelo, Sol and Tecate, with exports growing 9% to reach around $2.4bn in 2014, according to the National Statistics Institute. Tequila exports, meanwhile,…

Analysis

Renewable vows: Increasing capacity through wind and solar alternatives
OBG
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With installed capacity of 2600 MW in wind and 55 MW in solar power plants, Mexico generates around 10% of its energy with non-hydro renewables, but it aims to produce 35% of its energy from clean sources by 2024. Jose Pablo Fernandez, director-general at Grupo Dragon, told OBG, “Mexico’s 2024 goal is ambitious but possible. It has 18-19% clean energy production, and the aim is to raise this by…

Analysis

Made in Mexico: Manufacturing is becoming more focused on high-value production
OBG
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Since the early days of NAFTA, the Mexican manufacturing sector has evolved extensively. While the country once positioned itself as a destination for basic cross-border assembly operations for electronics and textiles, it is now developing a highly specialised manufacturing market. In the fourth quarter of 2014, manufacturing represented 17.5% of GDP, according to the National Institute of Statistics…

Analysis

Pumping up: North American automotive production shifts to Mexico, while tyre production is drawing attention
OBG
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The post-North American Free Trade Agreement ( NAFTA) manufacturing boom has been particularly attractive for the Mexican automotive industry. According to Eduardo Solis Sánchez, president of the Mexican Automotive Industry Association, Mexico will see a fifth consecutive year of increased motor vehicle output. The auto industry now brings in net earnings of some $50bn a year, more than the oil and…

Analysis

Going global: Mexico’s new international airport will quadruple capacity
OBG
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A MXN169bn ($11.4bn) project to build an international airport in Mexico City is ready for take off, with the government expecting ground to be broken before the end of 2015. The airport is the most significant in a series of large-scale projects designed to tackle shortcomings in the country’s transport and logistics system, signalling the government’s commitment to continuing with major infrastructure…

Analysis

Private time: Public-private partnerships will play a key role in making up for gaps in infrastructure funding
OBG
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Since its inception in 2012, Mexico’s public-private partnership (PPP) law has opened the door to private capital assuming a larger role in the development of the country’s infrastructure. Use of this option is becoming increasingly critical, with the federal government experiencing a reduction in its budgetary capacity to invest in large-scale public works projects. This has led to a call from…