2016年-世界发展银行全球_Mexico_Financial_Sector_Assessment_Program___Infrastructure_Finance_and_Capital_Markets_--_Achievements_and_Challenges_18页_395kb

报告摘要

Summary of the Technical Note: Infrastructure Finance and Capital Markets in Mexico

Core Content

This Technical Note provides an analysis of Mexico's capital markets and infrastructure financing landscape as part of the World Bank-IMF Financial Sector Assessment Program (FSAP) mission in 2016. It outlines the current state of infrastructure finance, challenges, and opportunities in the context of capital markets development.

Main Viewpoints

Mexico's infrastructure finance gap is significant and cannot be filled by traditional government and bank financing alone.
Capital markets are seen as a promising complement to traditional sources, especially for long-term financing of mature infrastructure projects.
Institutional investors, such as pension funds and insurance companies, are key to mobilizing long-term capital for infrastructure.
Infrastructure financing instruments are evolving, with a focus on equity and debt products tailored to the needs of the sector.
PPP frameworks are being developed and refined to attract private sector participation in public infrastructure projects.
Regulatory and governance issues remain a challenge, especially in aligning investment models with the long-term nature of infrastructure projects.

Key Information

A. Introduction

Mexico's infrastructure financing challenges are similar to those of other Advanced Economies (AEs) and large Emerging Market Economies (EMEs).
Traditional financing sources are insufficient due to fiscal constraints and regulatory limitations.
Capital markets can provide additional long-term financing and lower costs through increased competition.
Three key elements of successful capital market instruments are: lower transaction costs, hybrid financing models, and standardization of instruments.

B. Capital Markets Development in Mexico

Instruments

Government bond markets are competitive, diversified, and well-regulated, with an outstanding size of 23% of GDP as of end-2016.
Non-government bond markets are smaller, representing 9% of GDP as of December 2015, and are dominated by non-financial sector issues.
Infrastructure project bonds have seen growth since 2009, reaching 10% of non-government bonds or 1% of GDP by end-2015.
These bonds are well-suited for mature infrastructure projects with stable revenues and low risk.

Equity Markets

Equity markets in Mexico are relatively small, representing 38% of GDP as of end-2015.
The market is dominated by large public sector conglomerates and family-owned companies, limiting dynamism.
Mutual funds are mostly short-term and operate as money market funds.
Pension funds are the main long-term investors, holding 14% of GDP, but have only invested 4.5% of AUM in infrastructure.
Foreign investors are a key source of long-term finance, but their involvement is limited to government bonds so far.

Investors

Mutual funds have the potential to become a source of long-term finance with recent regulatory reforms.
Pension funds are the main long-term investors, but face challenges such as limited investable assets, regulatory restrictions, and lack of expertise.
Foreign investors are active in Mexican REITs (Fibras), showing potential for future involvement in infrastructure.

C. Infrastructure Financing: Developing a Financing Ecosystem

The National Infrastructure Program (PNI) for 2014-2018 requires significant private capital, with 37% of the USD 596 billion target expected to come from the private sector.
The PPP Law of 2012 and subsequent reforms have created a more enabling environment for private sector participation.
A comprehensive ecosystem of policies, regulations, and instruments is needed to support long-term infrastructure financing.
Mexico is one of the most mature PPP markets in LAC, but the framework can be strengthened to improve efficiency and investor confidence.

D. The Role of Development Institutions

Development financial institutions such as Banobras and Fonadin play a crucial role in mobilizing private sector financing.
They support induced credit and provide credit guarantees for infrastructure projects.
Fonadin is a key player in infrastructure financing, offering credit guarantees and acting as a development bank.
Banobras is the main development bank, providing support for infrastructure projects and facilitating private sector participation.

E. Conclusions and Recommendations

Capital markets are an important complement to traditional financing sources, especially for long-term infrastructure projects.
Infrastructure financing instruments need to be refined to better align with the needs of institutional investors.
Pension funds should be encouraged to invest in a broader range of infrastructure instruments, including private placement vehicles.
Regulatory and governance improvements are needed to enhance transparency, reduce transaction costs, and align investment models with the long-term nature of infrastructure projects.
Development institutions should continue to play a catalytic role in infrastructure financing by shifting from direct lending to induced credit.
Innovative equity instruments such as CKDs, CerPI, and FIBRA E are being developed to attract a wider range of investors.
International partnerships like the CDPQ-Mexico CKD can help transfer expertise and increase the appeal of infrastructure investments to foreign investors.

Key Instruments and Products

CKDs (Certificados de Capital de Desarrollo): Listed private equity funds that allow pension funds to invest in infrastructure with higher yields than project bonds.
CerPI (Certificados de Proyectos de Inversión): A new equity investment vehicle that requires co-investment from non-Mexican entities, making it more attractive to sophisticated investors.
FIBRA E (Fideicomiso de Bienes Raices para el Sector Energetico): A REIT-type fund for equity investments in mature infrastructure assets, especially in the energy sector.
Project bonds: Debt instruments for infrastructure projects, with a significant portion backed by credit guarantees from development institutions.

Key Challenges

Liquidity constraints in secondary markets limit the appeal of project bonds.
Regulatory restrictions on unlisted instruments prevent pension funds from investing in a broader range of infrastructure assets.
Limited expertise among pension funds and investment teams hinders efficient management of infrastructure investments.
High transaction costs and disclosure requirements for listed instruments may deter certain infrastructure investments.
Institutional investors need to be encouraged to develop more sophisticated investment models and strategies.

Opportunities

Mexico's capital markets are relatively mature and have a strong potential to support infrastructure financing.
Innovative instruments such as CKDs and CerPI are showing promise in attracting institutional investors.
Foreign investment in infrastructure is increasing, especially in REITs, and could play a more significant role in the future.
PPP frameworks are being refined to improve standardization, transparency, and efficiency in infrastructure project implementation.

展开完整摘要