CFE Places 20 Billion Pesos in Bonds for Power Generation Projects

Mexico's Comisión Federal de Electricidad (CFE) placed on September 4, 2026 an issuance of Certificados Bursátiles (CEBURES) totaling 20 billion pesos in the local market, the highest-volume transaction ever both placed and demanded in the company's history, according to El Financiero. The proceeds are split between refinancing short-term debt and funding long-term power generation projects.

According to Bloomberg Línea, half of the amount will refinance CEBURES and short-term loans maturing in the fourth quarter of 2026, a portion that does not constitute additional debt. The remaining 10 billion pesos will finance or refinance a portfolio of long-term investment projects that includes photovoltaic, hydroelectric, and combined-cycle power plants. The issuance underscores how the state-owned utility is turning to the debt market, not solely the federal budget, to sustain its generation expansion plan.

The issuance was structured in three tranches. The first, CFE 26X, totaled 5 billion pesos at a three-year tenor tied to the TIIE de Fondeo rate and carrying a sustainable label. The second, CFE 26-2X, reached 5,550 million pesos at a 10-year tenor with a rate of 10.36 percent. The third, CFE 26U, amounted to 9,450 million pesos at a 40-year tenor with a real rate of 6.07 percent, a maturity that the company considers an innovation because it aligns debt-service payments with the useful life of the financed infrastructure. Total demand reached 43,974 million pesos, equivalent to 2.2 times the amount issued, with participation from Afores, banks, insurers, and development banks. Fitch Ratings, Moody's Local México, and S&P Global Ratings awarded the highest national-scale rating, AAA.

The transaction adds to CFE's investment plan of more than 37,500 million dollars through 2030, according to Bloomberg Línea, of which more than half will depend on private-sector participation. The 2.2x oversubscription and the 40-year tranche will serve as benchmarks for the company's future issuances, against a backdrop of rising electricity demand in the country.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.