率水平下降、债券到期压力增大以及机构投资者资金规模不断扩大，墨西哥企业正以前所未有的速度进入本国债券市场。
Mexican companies are tapping the local bond market at a record clip as lower interest rates at home, looming maturities and a growing pool of institutional capital spur deals.
据Banorte统计的数据显示，截至9月，非银行企业发行的长期债券总额已达2348亿比索（约合130亿美元）。这一数值较去年全年增长了14%，也是自2004年该机构开始统计以来年度发行量的最高纪录。
Long-term issuance for non-bank companies has totaled 234.8 billion pesos ($13 billion) through September, according to data compiled by Banorte. That’s up 14% from last year’s total, and the highest annual volume since the firm began compiling the data in 2004.
“我们注意到投资者对这些债券发行表现出极大的兴趣，”VALMEX证券公司的债券市场副主管亚兹明·马图斯在接受采访时说道。她补充道，这种强劲的需求往往使得发行方能够以比预期更低的利差完成发行。
“We’re noticing a great deal of openness among investors to these placements,” Yazmín Matus, deputy director of debt markets at VALMEX Casa de Bolsa, said in an interview. The strong appetite has often allowed issuers to price at tighter spreads than initially anticipated, she added.
据Banorte统计，目前墨西哥国内企业债券市场的未偿还总额已达1.4万亿比索。此前，受贸易局势的不确定性及地缘政治冲突影响，企业普遍选择暂缓发行。如今，随着利率水平持续下行，加之包括国有石油公司墨西哥国家石油公司在内的一些大型借款企业即将面临债券到期压力，越来越多的企业开始转向国内市场融资。
The flurry of activity in the local corporate market, now at 1.4 trillion pesos outstanding according to Banorte, comes after issuers stayed on the sidelines last year amid trade uncertainty and geopolitical conflicts. With maturities looming for some of the country’s largest borrowers — including state-owned oil company Petroleos Mexicanos — and rates coming down, companies have increasingly turned to the domestic market.
近一个月来，墨西哥电力委员会发行了200亿比索的债券，乳制品企业Lala集团旗下子公司也发行了90亿比索的债券，进一步推高了今年的发行规模。马图斯指出，这两笔交易的发行利差分别比最初预期低了35个基点和25个基点。
In the last month, sizeable offerings from electricity commission CFE, for 20 billion pesos, and a unit of milk and dairy products company Grupo Lala, for 9 billion pesos, have added to this year’s volumes. These transactions wrapped as much as 35 basis points and 25 basis points, respectively, tighter than initially projected, Matus said.
穆迪墨西哥分公司的董事兼信用分析师雷内·罗布莱斯表示，这一变化标志着墨西哥债券市场的发展进入新阶段——过去该市场规模尚不足以支撑如此大规模的发行活动；与此同时，包括养老基金和保险公司在内的墨西哥机构投资者群体也在迅速壮大。
It’s a shift for markets that weren’t always deep enough for deals of this size — and comes as Mexico institutional investors, including pension funds and insurers, grow quickly, according to René Robles, a director and credit analyst at Moody’s Local Mexico.
“过去，要在墨西哥发行100亿比索规模的债券相当困难，”他说道。不过如今情况已有所改观，他特别提到了墨西哥国家石油公司那次“史无前例”的债券发行。“企业开始能找到它们所寻求的市场深度，这是一个积极的信号，”他补充道。
“It used to be difficult to issue, say, 10 billion in Mexico,” he said, but now, that’s not the case, pointing to the “unprecedented” Pemex issuance. “It is a positive sign that companies are beginning to find the market depth they are looking for,” he said.
不过，市场仍保持着一定程度的选择性。MercadoLibre公司在墨西哥的信贷部门未能实现50亿比索的发行目标，最终仅成功发行了37.5亿比索的债券。
Still, the market is maintaining some level of selectivity. MercadoLibre Inc.’s Mexico lending unit didn’t meet a 5 billion peso target for its own offering, instead placing 3.75 billion pesos in debt.
MercadoLibre在声明中表示，公司对此次募资规模及获得的利率水平感到“满意”，并强调当地养老基金、保险公司、开发银行、合格投资基金、企业财务部门以及私人银行均表现出了强劲的认购需求。
MercadoLibre said in a statement the company is “pleased” with the amount raised and the rates secured, highlighting what is said was strong demand from local pension funds, insurers, development banks, qualified funds, corporate treasuries and private banks.
Banorte银行分析师赫拉尔多·巴列在邮件中指出，受大量债券到期以及季节性业务增长的影响，预计这种发行热潮将在10月和11月持续下去。据Banorte透露，房地产投资信托基金Fibra Educa已计划重新发行6月份发行过的债券；此外，农业融资专项基金以及丰田金融服务墨西哥公司也预计将推出大规模债券发行项目。
Banorte expects the accelerated pace to keep up through October and November, driven by the “heavy volume of maturities” as well as a “seasonal uptick in activity” one of the bank’s analysts, Gerardo Valle, said in an email. Real estate investment trust Fibra Educa has already said it plans to reopen bonds issued in June, and large deals are expected for Fondo Especial para Financiamientos Agropecuarios and Toyota Financial Services Mexico, according to Banorte.