巴黎银行-拉美地区-投资策略-墨西哥：墨西哥：本国与外国人的二分法

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1、LATINAMERICASTRATEGYPleaserefertoimportantinformationattheendofthereportMexico:ThedichotomybetweenlocalsandforeignersThisdocumenthasbeenproducedby:Non-residents’exposureinnominalrateshasdecreasedsinceOctoberlastyear.BancoBNPParibasBrasilS.A.Compared

2、tothetotalamountofoutstandingdebt,75%ofallholdingsofMbonosintenorslongerthan10yisnowheldbyoverseasinvestors.CorrelationbetweenGabrielGerszteinTIIE10yyieldandnon-residentholdingsareatthehighs.HeadofFX&IRLatamStrategyCommodityQuantStrategyPensionfundsi

3、ncreasedtheirmonth-on-monthexposureintherealratestoDV01+551138413421USD31.6mnbytheendofJanuary2018.GustavoMendoncaPensionfundsalsosawlargeinflowsduetoseasonaleffects,increasingtheirportfolioinbothnominalandrealratesholdingsby3%and18%onamonthyandFX&IR

4、LatamStrategyCommodityQuantStrategyyearlybasisrespectively;theirequityholdingsremainedflat.+551138413445Non-residentholdingsofMexicanpublicdebtwereunchangedatUSD113.6bninJanuary2018,accordingtoMexico’scentralbank.SamuelCastroFX&IRLatamStrategyLatamS

5、trategy:weremainreceiving5y5yTIIEagainstUS5y5yyswapand5yTIIECommodityQuantStrategyagainstColombiaIBR5y;wearealsolongUdibono2019.AllhedgedwithMXN.+551138413492Table1andCharts1-4:BreakdownoflocalpublicdebtMXN(bn)Feb-18m/my/yJan-18Feb-17DomesticPublicDeb

6、t6,464%ofTotal0%7%6,452%ofTotal6,045%ofTotalPensionFunds1,41321.9%1%16%1,40621.8%1,22320.2%LocalFunds75311.6%-1%-2%76411.8%76912.7%InsuranceCompanies3665.7%2%10%3595.6%3345.5%Non-residents2,11332.7%0%-3%2,11132.7%2,17436.0%BanxicoHoldings1602.5%-3%15%

7、1652.6%1402.3%CommercialBanks4346.7%-2%34%4416.8%3235.3%Others1,22418.9%1%13%1,20718.7%1,08317.9%1-BanxicoholdingsreflectthepositionofthesecuritiesthattheBankofMexicoreceivesforrepurchasetransactionswithfinancialintermediariesandsecuritiesdeliveredtot

8、heBankofMexicobycreditinstitutionswiththepurposeofguaranteeingoperations.40%32.7%30%PensionFundsLocalFunds21.9%InsuranceCompanies20%Non-residents18.9%BanxicoHoldings11.6%CommercialBanks10%Others6.7%2.5%0%Apr-14Jan-15Oct-15Jul-16Apr-17Jan-18Non