Mexico cuts second quarter debt issuance by 17.4 bln pesos

Mexico's finance ministry on Friday said it would reduce debt issuance by 17.4 billion pesos (US$1.02 billion) in the second quarter after announcing plans to cut its overall program for this year.

The ministry said it would reduce issuance of 3-year fixed-rate bonds by 1.5 billion pesos in each auction this quarter.

Issuance of 5 and 10 year fixed-rated bonds will be cut by 1 billion pesos per auction, while 20 and 30-year fixed-rate bonds will see cuts of 500 million pesos each, the ministry said.

On April 11, the government said it would use a transfer from the central bank to reduce debt issuance by at least 64 billion pesos (US$3.62 billion) this year and buy back up to 103 billion pesos of government debt.