4Q23 | Not all AAAs are Created Equal

4Q23 | Not all AAAs are Created Equal

A. Roman Toledo Figueroa A. Roman Toledo Figueroa

A. Roman Toledo Figueroa

Board Member - Consultant - Corporate CFO

发布日期: 2024年1月9日
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Rating actions and long term issuances

Rating actions

?? Upgrades: During the quarter ending in December there were 19 ratings upgraded.

● 91_ALSEA_15-2, HR A+ [? HR 2 notch]; 91_ALSEA_17-2, HR A+ [? HR 2 notch]; 91_ALSEA_19-2, HR A+ [? HR 2 notch]; 91_FINN_18, HR A+ [? HR 2 notch]; 91_FSHOP_17-2, HR AA [? HR 1 notch]; 91_FSHOP_19U, HR AA [? HR 1 notch]; 91_GHOCB_14, C/M [? VERUM 4 notch], 91_INVEX_22, mxA+ [? S&P 1 notch]; 91_LALA_18, AA(mex) [? FITCH 1 notch]; 91_LALA_19, AA(mex) [? FITCH 1 notch]; 91_LALA_19-2, AA(mex) [? FITCH 1 notch]; 91_LALA_20, AA(mex) [? FITCH 1 notch]; 91_OSM_15, AAA(mex) [? FITCH 2 notch]; 91_OSM_15U, AAA(mex) [? FITCH 2 notch]; 91_VINTE_17-2, AA-/M [? VERUM 1 notch], 91_VINTE_18X, AAA/M [? VERUM 1 notch], 91_VINTE_19-2X, AA-/M [? VERUM 1 notch], 91_VINTE_20X, AA-/M [? VERUM 1 notch], 91_VIVAACB_22L, HR AA+ [? HR 1 notch], AA+/M [? VERUM 1 notch]

?? Downgrades or Withdrawn: During the quarter ending in December there were 2 ratings downgraded or withdrawn.

● 91_GICSA_19, RETIRADA [? HR 5 notch]; 91_SOFAGCB_21, HR C- [? HR 10 notch],

Issuances

During the quarter ending in December we had 20 new issuances in the Mexican market, for a total amount of $ 59,010 MXN mm, currently at a weighted average YTM of 11.99%.

Long term fix rate issuances in Mexican peso

AAA Corps

Weighted average term is 6.5 years.

Weighted average YTM is 10.14%, down -97 bps from September month end, less that the -95 bps from the Mexican government yield curve who's average is at 9.2%.

The weighted average spread over its government reference is 94 bps, very similar to the 96 bps from September month end.

AA Corps

Weighted average term is 5 years.

Weighted average YTM is 11.03%, down -83 bps from September month end, less that the -75 bps from the Mexican government yield curve who's average is at 9.51%.

The weighted average spread over its government reference is 152 bps, wider than the 144 bps from September month end.

Single A Corps

Weighted average term is 4.6 years.

领英推荐

Weighted average YTM is 12.48%, down -112 bps from September month end, less that the -83 bps from the Mexican government yield curve who's average is at 9.58%.

The weighted average spread over its government reference is 290 bps, tighter than the 320 bps from September month end.

Long term floating rate issuances in Mexican peso

AAA Corps

Weighted average term is 6.7 years.

Weighted average YTM is 12.08%, the same as September month end, unlike the Mexican government short term treasury note (Cetes) that rose 21 bps and currently at 11.31%.

The weighted average spread over Cetes is 77 bps, wider than the 73 bps from September month end.

AA Corps

Weighted average term is 2.7 years.

Weighted average YTM is 12.82%, down -1 bps from September month end, unlike the Mexican government short term treasury note (Cetes) that rose 21 bps and currently at 11.31%.

The weighted average spread over Cetes is 151 bps, wider than the 134 bps from September month end.

Single A Corps

Weighted average term is 2.9 years.

Weighted average YTM is 13.39%, down -4 bps from September month end, unlike the Mexican government short term treasury note (Cetes) that rose 21 bps and currently at 11.31%.

The weighted average spread over Cetes is 208 bps, wider than the 197 bps from September month end.

The published analysis considers the issues listed on the Mexican Stock Exchange (BMV) and the Institutional Stock Exchange (BIVA) in Mexico as Certificados Bursátiles Privados (asset type 91). Any securitization of assets found in the issues considered are catalogued as ABS (asset backed securities). A homologation of the rating scales of the different rating agencies, prepared by Cedice, was considered. In the case of issues with multiple ratings at different levels of homologation, the following ranking by rating agency was considered: 1 Standard and Poors, 2 Moody's, 3 Fitch Ratings, 4 HR Ratings, 5 Verum. The analysis is constructed with information from various sources including Banco de México, Standard and Poors, Moody's, Fitch Ratings, HR Ratings, Verum and PIP.



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