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.pdfVIP

LATIN AMERICA STRATEGY Please refer to important information at the end of the report Mexico: The dichotomy between locals and foreigners This document has been produced by:  Non-residents’ exposure in nominal rates has decreased since October last year. Banco BNP Paribas Brasil S.A.  Compared to the total amount of outstanding debt, 75% of all holdings of Mbonos in tenors longer than 10y is now held by overseas investors. Correlation between Gabriel Gersztein TIIE 10y yield and non-resident holdings are at the highs. Head of FX IR Latam Strategy Commodity Quant Strategy  Pension funds increased their month-on-month exposure in the real rates to DV01 +55 11 3841 3421 USD 31.6mn by the end of January 2018. Gustavo Mendonca  Pension funds also saw large inflows due to seasonal effects, increasing their FX IR Latam Strategy portfolio in both nominal and real rates holdings by 3% and 18% on a monthy and Commodity Quant Strategy yearly basis respectively; their equity holdings remained flat. +55 11 3841 3445  Non-resident holdings of Mexican public debt were unchanged at USD 113.6bn in Samuel Castro January 2018, according to Mexico’s central bank. FX IR Latam Strategy  Latam Strategy: we remain receiving 5y5y TIIE against U S 5y5yy swap and 5y TIIE Commodity Quant Strategy against Colombia IBR 5y; we are also long Udibono 2019. All hedged with MXN. +55 11 3841 3492