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.
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.
Abundant demand doesn't guarantee liquidity. Strong appetite for new issues can coexist with thin trading, weak price discovery and unreliable corporate curves.
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.
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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