Mexico's Ministry of Finance and Public Credit filed a fresh offering statement with Japan's Kanto Local Finance Bureau on August 28, 2026, launching four new tranches of yen-denominated bonds labeled as Sustainable Development Goal debt. The filing sets a subscription date of August 28, 2026, with payment due September 4, 2026, and interest paid twice a year, on March 4 and September 4, starting March 2027.
Each tranche carries a different rate and maturity, giving Japanese institutional buyers a spread of yen exposure to Mexican sovereign credit in a single filing. The tranche due March 2030 pays 3.16%, the one due September 2031 pays 3.61%, the September 2036 tranche pays 4.46%, and the longest, due September 2046, pays 5.49%. All four price at 100% of face value, with individual tranche sizes of ¥177.3bn, ¥87.2bn, ¥1.2bn and ¥17.1bn.
| Tranche | Amount | Coupon | Maturity |
|---|---|---|---|
| 11th (due 2030) | ¥177.3bn | 3.16% | March 4, 2030 |
| 12th (due 2031) | ¥87.2bn | 3.61% | September 4, 2031 |
| 13th (due 2036) | ¥1.2bn | 4.46% | September 4, 2036 |
| 14th (due 2046) | ¥17.1bn | 5.49% | September 4, 2046 |
Five Japanese securities houses, Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Mizuho Securities, Nomura Securities and SMBC Nikko Securities, are joint lead underwriters, buying the entire issue on a firm-commitment, joint-and-several basis. Their combined underwriting fee runs to 0.24% of face value on the two shorter tranches and 0.29% on the two longer ones.
The sale draws on a shelf registration Mexico filed on July 8, 2026, which took effect on July 16 and runs until July 15, 2028, with a ceiling of ¥500bn. No prior tranches had been issued under that shelf before this filing, leaving Mexico room to return to Japan's yen market again before the registration lapses. Absent early redemption or buyback, each tranche repays at 100% of face value at maturity.
The filing is signed by César David Vives Flores, Deputy Undersecretary for Public Credit and International Affairs at Mexico's finance ministry, with the Tokyo law firm TMI Associates acting as the government's local agent. For Japanese fixed-income desks, the sale offers a multi-tenor sovereign yield curve from a Latin American issuer, spanning a three-and-a-half-year note to a twenty-year bond, all carrying the same SDG label and the same five-broker underwriting syndicate.