Our new GBM Pulse report captures five key messages:
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Domestic savings are changing the game. Rapid growth in pension assets creates a chance to fund more of the economy locally. It also gives peso-earning companies good reason to rethink the habit of borrowing in dollars and hedging.
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Market depth isn't the same as market access. Large, highly rated borrowers enjoy excellent conditions. The next tier faces barriers around ratings, ticket size, governance and investor preferences.
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Abundant demand doesn't guarantee liquidity. Strong appetite for new issues can coexist with thin trading, weak price discovery and unreliable corporate curves.
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Nearshoring depends on infrastructure delivery. Confidence in Mexico's place in North American supply chains sits alongside real concern over transmission, water, gas and permitting.
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The financing toolkit needs to widen. Development banks, commercial banks, institutional investors and private credit can each cover different risks and stages of a project's life.
The opportunity is clear. Turning domestic savings into productive investment will depend on better market access, more reliable liquidity and structures built for a broader range of risks.
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