HandbookMexico tcm348-233218 PDF

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Market & Client Strategy
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No part of this report may be copied, conveyed or distributed into the countries in which distribution is prohibited by law, or furnished to any person or entity in those countries. The failure to comply with these
restrictions may breach the laws of the relevant jurisdiction.
PLEASE SEE ANALYST CERTIFICATION AND OTHER IMPORTANT DISCLOSURES AT THE END OF THIS REPORT 1¤(*/"
Mexico 2011
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Mexico 2011
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Mexico 2011
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General background
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1&.&9
Mechanisms used to ease exchange rate volatility

Over the years, the Exchange Rate Commission has approved the following interventions:
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The main features of each mechanism

a) Dollar auctions in the event of pressure on the foreign exchange market
Description:
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Mexico 2011
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General advantages:
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b) U.S. Dollar sell Auctions (mechanism for slowing reserve accumulation)
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General advantages:
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c) Dollar put options
Description:
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General advantages:
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Conclusions:
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Mexico 2011
Reference: FIX exchange rate

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4XBQT 'VUVSFTBOE'PSXBSET
2.1.1. Cash-Tom and Tom-Next swaps (OTC)
Definition
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General characteristics
Amount: Variable, agreed by the parties concerned
Hours: 6:30 to 13:30 (GMT -06:00)
Currency: USD/MXN
Period: The maximum period is 48 business hours
Swap points: The difference between the exchange rates of the currencies involved in
the operation. This is determined by the interest rate differential between
the two currencies and the currency’s recent performance.
Swap or basis points are the daily interbank trading reference rate. It is
worth noting that calendar days must be taken into account to obtain the
final exchange rate
Settlement: Physical delivery. There are two settlement times:
At inception, the purchase/sell of a reference currency
At maturity, the sell/purchase of said currency
Classification
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s $BTI4QPUTFMMQVSDIBTFPGDVSSFODZUPEBZBOEQVSDIBTFTFMMJOIPVST
s 5PN/FYUTFMMQVSDIBTFPGDVSSFODZJOIPVSTBOEQVSDIBTFTFMMJOIPVST
Mexico 2011
Formula
F D 360
RMEX = * 1 + RUSD * −1 *
S 360 D
S D 360
RUSD = * 1 + RMEX * −1 *
F 360 D
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8IFSF
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3USD *OUFSFTUSBUFJO64%
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Examples
1. Sell-purchase SWAP CASH-SPOT Type: USD liability
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Procedure
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PCUBJOFEGSPNUIFGPMMPXJOHGPSNVMB
5$ CQYE

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Substituting
Y
Y 64%.9/

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Mexico 2011
SWAP CASH-SPOT: USD liability
T1
MXN 12.12 mn
US $ 1mn
Supplier Customer Bank
US $ 1mn
T2
US $ 1mn
Customer Bank
MXN 12.1226 mn
2. Sell-purchase SWAP CASH-SPOT Type: USD asset

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64%.9/'9TXBQNBSLFU
Procedure
0OUIFOEPGUIFNPOUI UIFDVTUPNFSQFSGPSNTBTFMMQVSDIBTFTXBQXJUIUIFCBOLJOXIJDIIFTFMMT
64%NJMMJPOBUBOFYDIBOHFSBUFPG5IFCBOLBHSFFTUPSFUVSOUIJTBNPVOUJOEBZTBUBTQFDJŢJFE
GPSXBSEFYDIBOHFSBUF
0O UIF OE UIF DVTUPNFS TFUUMFT UIF PQFSBUJPO GPS 64%NJMMJPO BOE SFDFJWFT .9/ NJMMJPO BO
BNPVOUXIJDIIFJOWFTUTGPSEBZT
0OUIFUI UIFDVTUPNFSSFDFJWFT64%NOGSPNUIFCBOL GPSXIJDIIFQBZT.9/ 5IF
BNPVOUJTPCUBJOFEGSPNBQQMZJOHUIFGPMMPXJOHGPSNVMB
5$ CQE

"NPVOUTFUUMFNFOU
XIFSF
5$JTUIFFYDIBOHFSBUFBUJODFQUJPO 64%JOUIJTDBTF

CQCBTJTQPJOUTQFSEBZBHSFFE FHCQQFSEBZ

EOVNCFSPGEBZTJODPOUSBDU FHEBZT

"NPVOUBNPVOUJOEPMMBSTPCKFDUPGUIFTXBQ 64%NJMMJPO
Substituting
64% CQ

64%.9/
"TTVNJOHUIBUUIFJOWFTUNFOUSBUFJO.FYJDPGPSEBZTJTBOEVTJOHUIFBGPSFNFOUJPOFEGPSNVMB XF
DBOTBZUIBUUIFJNQMJDJUSFUVSOJOEPMMBSTPCUBJOFECZUIFDPNQBOZXBTBUUXPEBZTJOBOOVBMUFSNT
12 . 1200 2 360
R USD = * 1 + 5.50 % * 1 * = 1.94 %
12 .1224 360 2
Mexico 2011
SWAP CASH-SPOT Type: USD asset
T1
US $ 1 mn
US $ 12.12 mn
Investment Customer Bank
MXN $ 12.12 mn
T2
MXN $ 12.1224 mn
Customer Bank
US $ 1mn
2.1.2. FX Futures (MEXDER and CME)

Description
5IFTFEFSJWBUJWFJOTUSVNFOUTBSFVTFEGPSQSPUFDUJPOBHBJOTUFYDIBOHFSBUFEFWBMVBUJPOPSBQQSFDJBUJPO5IFTF
TUBOEBSEDPOUSBDUTBSFMJTUFEPOFJUIFS.&9%&3PSUIF$IJDBHP.FSDBOUJMF&YDIBOHF $.&
TVCKFDUUPPOHPJOH
NBSLFUWBMVBUJPO XIJDIFOUBJMTQPTTJCMFhNBSHJODBMMTvUPDPWFSHVBSBOUFFT
0OFBEWBOUBHFPGVTJOHUIJTUZQFPGDPOUSBDUPO.&9%&3JTUIBUNJOJNVNOPUJPOBMTBSFMPXFSUIBOPOUIF$.&
XIJDIDBOBUUSBDUBCSPBEFSCBTFPGJOWFTUPST"OPUIFSBEWBOUBHFJTUIBUBDDPVOUTNBZCFIFMEJO.FYJDPJO.9/
XIFSFBTXJUIUIF$.& BDDPVOUTNVTUCFIFMEBCSPBEJO64%
Characteristics
MEXDER CME
Participants: Mexican or foreign nationals Mexican or foreign nationals.
Contract size: USD10,000 MXN500,000
Maturity period The maturity dates of futures contracts in pesos are the third Wednesday of the month. On MEXDER, they are traded
or date: in a monthly and quarterly cycle for up to three years. When the maturity date falls on a bank holiday, it is transferred
to the bank business day immediately prior thereto (Preceding Business Day convention). The last trading date is on
the Monday of the week in which the maturity date falls, or the preceding business day in the event of a bank holiday.
Settlement date: The second business day following the maturity date (T+2). The settlement date must be a working day in both
Mexico and the United States.
Agreed The applicable exchange rate as agreed by the parties concerned, traded in pesos per U.S. dollar on MEXDER.
exchange rate:
Ticker symbol: DA followed by two numbers to identify the specific date MP (Mexican Peso) plus code for the month
of maturity, the first letter and the following consonant of (e.g. F: January, G: February, H: March, etc.) and year
the maturity month, and the last two digits of the maturity of maturity: MPM10 (June 2010).
year (e.g. DAMR10 (March 2010).
Contracts quoted with a monthly series will appear as DEUA
and those with a daily series as DA
Minimum price MXN0.0001 per USD USD0.000025 per MXN increment
fluctuation (Tick): (12.50 USD per contract)
Trading hours: Business days from 7:30 a.m. to 2:00 p.m. Bids and offers Business days from 7:20 a.m. to
for trading at daily settlement price are submitted between 2:00 p.m. Last trade is at 9:16 a.m.
2:25 p.m. to 2:35 p.m.
$POUJOVFEPOOFYUQBHF
Mexico 2011
Characteristics (continues)
Initial margin: The amount in dollars that must be deposited by the customer with the clearing house, ASIGNA, when the first order
is executed. The aim is to guarantee coverage of the variation margins or daily settlement amounts while positions
are open.
Maintenance margin: The minimum amount per contract that the customer must keep in the account with the clearing house (clearing
broker) to cover his open positions.
Variation margins: Debits and credits that the clearing house applies to the customer’s account in order to reflect the daily gain and/or loss
resulting from the revaluation of the contracts. If the maintenance margin is lower than required, the clearing house
will ask the customer to deposit the remainder (margin calls). If it is higher than required, however, the customer will
withdraw the amount over the maintenance margin (margin withdrawals) from his account.
Formula
5IFUIFPSFUJDBMEPMMBSGVUVSFTFYDIBOHFSBUFJTDBMDVMBUFEBTUIFJOUFSFTUSBUFEJŇFSFOUJBMCFUXFFO.FYJDPBOEUIF
6OJUFE4UBUFT VTJOHUIFGPMMPXJOHGPSNVMB
R Mex * t
1+
360
A. Future =*Spot
R USA * t
1+
360
8IFSF
4QPU1FTPTQFSEPMMBSFYDIBOHFSBUFWBMVFEBUFIPVST
3USA64JOUFSFTUSBUF
3Mex.FYJDBOJOUFSFTUSBUF
UQFSJPEJOEBZT
5P EFUFSNJOF UIF WBSJBUJPO NBSHJOT BQQMJDBCMF UP UIF BDDPVOUT PG FBDI DVTUPNFS UIF hDMFBSJOH CSPLFSv PO UIF
$IJDBHP.FSDBOUJMF&YDIBOHFBQQMJFTEFCJUTPSDSFEJUTCBTFEPOUIFSFTVMUPGUIFGPMMPXJOHGPSNVMB
B. Mt +1 = 500,000 * {S(T ) * bt +1(T ) − bt (T ) − L(T ) * ft +1(T ) − ft (T ) }

8IFSF
.U7BSJBUJPONBSHJOJOEBZU FYQSFTTFEJO64EPMMBST

4 5
/VNCFSPGTIPSUDPOUSBDUT 4FMM
GPSNBUVSJUZJONPOUI5
CU 5
1VSDIBTFQSJDF CJEQSJDF
GPSUIFDPOUSBDUJO.FYJDBOQFTPTPOEBZU
CU 5
1VSDIBTFQSJDF CJEQSJDF
- 5
/VNCFSPGMPOHDPOUSBDUT QVSDIBTF
GPSNBUVSJUZJONPOUI5
GU 5
4FMMQSJDF PŇFSQSJDF
GU 5
4FMMQSJDF PŇFSQSJDF
8IFO.UJTHSFBUFSUIBO[FSPBUDMPTJOHPOEBZU BEFCJUJTBQQMJFEGPSUIFBNPVOUJOUIFDVTUPNFSTBDDPVOU

XJUIUIFDMFBSJOHIPVTF PSDMFBSJOHCSPLFS
SFŢMFDUJOHUIFHBJOPCUBJOFE
0UIFSXJTF UIFMPTTXJMMCFWBMVFEWJBBDSFEJUJOUIFTBNFBDDPVOU
Examples
“Purchase” of dollar futures on MEXDER
"DPNQBOZQVSDIBTFTJNQPSUFEHPPETQBZBCMFBGUFSEBZTXPSUI64%
5IFDPNQBOZFYQFDUTUIFQFTPUPEFQSFDJBUFBHBJOTUUIFEPMMBS BOEJTUIFSFGPSFJOUFSFTUFEJOIFEHJOHBHBJOTUUIF
FYDIBOHFSJTL$POTFRVFOUMZ JUQVSDIBTFTEPMMBSGVUVSFTPO.&9%&3UIBUXJMMNBUVSFJO%FDFNCFS EBZT

5IF DVTUPNFS JT TIPSU B GVUVSFT DPOUSBDU NBUVSJOH JO %FDFNCFS BU QFTPT QFS EPMMBS XIJMF UIF TQPU
Mexico 2011
FYDIBOHF SBUF JT QFTPT UP UIF EPMMBS 8IFO UIF DPOUSBDU NBUVSFT UIF JNQPSUFS XJMM SFDFJWF UIF EPMMBST
BHSFFEJOFYDIBOHFGPSUIFFRVJWBMFOUBNPVOUJOQFTPT*GPONBUVSJUZUIFFYDIBOHFSBUFIBTEFQSFDJBUFEUP
BTUIFDVTUPNFSFYQFDUT UIFTBWJOHTXPVMECF
Exercise of future
64%.9/64% .9/

"NPVOUXJUIPVUGVUVSF
64%.9/64% .9/

4BWJOHFYQFOTF .9/
5IFJNQPSUFSTFUTUIFHMPCBMDPTUPGUIFJNQPSUTJOBEWBODFh*GUIFIFEHJOHUSBOTBDUJPOIBEOPUCFFODBSSJFEPVU
UIFJNQPSUTXPVMEIBWFDPTU.9/ v
)PXFWFS UIFPQQPTJUFDPVMEIBWFPDDVSSFE XIFSFUIFQFTPDPVMEIBWFBQQSFDJBUFE*OUIJTDBTF UIFSFXPVME
CFOPTVSQSJTFTTJODFUIFDPTUIBECFFOTFUJOBEWBODFWJBUIFGVUVSFTDPOUSBDU UIVTSFEVDJOHWPMBUJMJUZJOUIF
DPNQBOZTŢJOBODJBMSFTVMUT
“Purchase” of peso futures on the CME
*OEBZT BDPNQBOZXJMMSFDFJWF64% GPSFYQPSUT*UXJTIFTUPFOTVSFUPEBZUIFBNPVOUJOQFTPT
UIBUJUXJMMSFDFJWFPOUIFFYQPSUT BOEJUEPFTTPCZQVSDIBTJOHBQFTPGVUVSFTDPOUSBDU*OPUIFSXPSET JUXJTIFT
UPTFMMJUTEPMMBSTBOECVZQFTPT
5IFDPNQBOZQVSDIBTFTUXPQFTPGVUVSFTDPOUSBDUTGPS%FDFNCFS EBZT
BUEPMMBSTQFSQFTP BOE
NVTUUIFSFGPSFQBZBDPNNJTTJPOPG64%BOEEFQPTJU64% GPSFBDIPGUIFDPOUSBDUTBTUIFJOJUJBM
HVBSBOUFFNBSHJO
$POTFRVFOUMZ UIFFYQPSUFSSFRVFTUTBMPBOPG64% DPNNJTTJPOJOJUJBMNBSHJO
BUEBZTBOE
BOOVBMMZ"UNBUVSJUZ IFNVTUUIFSFGPSFQBZDBQJUBMQMVTJOUFSFTUFRVJWBMFOUUP
8IFOUIFDPOUSBDUNBUVSFT UIFJNQPSUFSXJMMSFDFJWFUIFJOJUJBMNBSHJOQMVTBSFUVSOPGBOOVBMMZBUEBZT
FRVJWBMFOUUP 64%
5IFJNQPSUFSJTJNQMJDJUMZFOTVSJOHBOFYDIBOHFSBUFPGQFTPTQFSEPMMBS SFTVMUJOHGSPNUIFQFTPTIFXJMM
SFDFJWFGSPNUIFGVUVSFTDPOUSBDUBNPOHUIFEPMMBSTBWBJMBCMF XIJDIJOUFSNTPGDBTIŢMPXTJTBTGPMMPXT
Futures exercise
64%

8JUIESBXBMPGJOJUJBMNBSHJOJOUFSFTU
64%

-PBOSFQBZNFOU
64%

%PMMBSTBWBJMBCMF 64%
*NQMJDJUFYDIBOHFSBUF QFTPT 64%QFTPTQFSEPMMBS
8IFOUIFDPOUSBDUNBUVSFE UIFQFTPBQQSFDJBUFE USBEJOHPOUIFDBTINBSLFUBUQFTPTQFSEPMMBS IJHIFS
UIBOFYQFDUFE
)PXFWFS UIFFYQPSUFSIBEIFEHFEBHBJOTUUIFFYDIBOHFSJTLCZDPOUSBDUJOHQFTPGVUVSFT TFUUJOH
IJT FYQPSU SFWFOVFT BU QFTPT h)BE JU OPU CFFO GPS UIF IFEHF USBOTBDUJPO UIF SFWFOVFT PO FYQPSUT
XPVMEIBWFCFFO QFTPT
JFMPXFSUIBOUIFSFTVMUVTJOHQFTPGVUVSFTv
*OTIPSU JOBOZPGUIFBGPSFNFOUJPOFEBMUFSOBUJWFT UIFFYQPSUFSTFUTUIFHMPCBMSFWFOVFTPOUIFFYQPSUTJOQFTPT
JOBEWBODF UIVTFMJNJOBUJOHFYDIBOHFSBUFVODFSUBJOUZ
Mexico 2011
2.1.3. MXN Forwards and NDF`s (OTC)

Description
5IJTEFSJWBUJWFJOTUSVNFOUFMJNJOBUFTFYDIBOHFSJTLCZQSPUFDUJOHBHBJOTUUIFQFTPTEFWBMVBUJPOPSBQQSFDJBUJPO
BHBJOTUUIFVTE%FMJWFSBCMFGPSXBSETHVBSBOUFFQIZTJDBMEFMJWFSZPGGPSFJHODVSSFODZ/POEFMJWFSBCMFGPSXBSET
BSFDBTITFUUMFE
Advantages for customers in using dollar forwards are:

&MJNJOBUFTVODFSUBJOUZSFHBSEJOHUIFDPTUSFWFOVFTPGJNQPSUTFYQPSUTBOEPSPQFSBUJPOTJOEPMMBST
)FEHFT
BHBJOTUFYDIBOHFSJTL
1PTTJCJMJUZPGBSCJUSBHF PCUBJOJOHGVOEJOH PSJOWFTUJOH
SBUFTJOQFTPTBUNPSFBUUSBDUJWF
JOUFSFTUSBUFTUIBOEPNFTUJDPOFT
4FUUMFNFOUBUNBUVSJUZEPFTOPUJOWPMWFBEJTCVSTFNFOUPGGVOETBUJODFQUJPO
BOE
'MFYJCJMJUZSFHBSEJOHOPUJPOBMTBOENBUVSJUZEBUFT BTPQQPTFEUPGVUVSFTDPOUSBDUT
Participants: Mexican or foreign persons or entities.
Reference amount: Variable. The hedged amount is established in line with the customer’s
needs.
Period: Agreed upon freely by the customer and bank, from 1 day to 5 years. The
most liquid periods are up to 3 years.
Exchange rate: The forward exchange rate is calculated based on the spot date exchange
rate (48 hours value) of the peso against the dollar plus some basis points
(forward points). The following factors determine how many basis points
are added:
a. Difference between the interest rates in pesos and in dollars –
Formula (1).
b. Market expectations with respect to prevailing cash exchange rates
in the future.
Settlement: On maturity, both parties deliver the total amount of the currencies
involved in the contract to each other. In the case of an NDF, there is a cash
settlement at maturity, either in USD or MXN.
Average daily volume: USD5.8billion
Bid/Ask spread: 1M – 12M 5 pips
1Y – 10Y 44 pips
Bloomberg ticker: “BCMR 6 <GO>”
Formula 1
T $ * plazo
1+
Fwd exchange rate = 360 * TCspot
Tusd * plazo
1+
360
8IFSF
5*OUFSFTUSBUFJOQFTPT
5VTE*OUFSFTUSBUFJOEPMMBST
1MB[P1FSJPEPGSFGFSFODFJOUFSFTUSBUFBOEGPSXBSEDPOUSBDU
5$TQPU4QPUFYDIBOHFSBUF IPVSTWBMVFEBUF

Mexico 2011
Example
“Purchase” of dollar forwards
"DPNQBOZQVSDIBTFTJNQPSUFEHPPETPODSFEJUBUEBZTQBZJOHBOOVBMJOUFSFTUJO64% JOUIFBNPVOUPG
64% *OEBZTUJNF JUXJMMIBWFUPQBZUIFDBQJUBMQMVTJOUFSFTU FRVJWBMFOUUP
100,000.00 usd*
[ 1+
0.0131*91
360 ] = 100,331.14 usd
5IJTJTUIFBNPVOUTVCKFDUUPFYDIBOHFSJTL
5IFDPNQBOZUIJOLTUIBUUIFQFTPJTMJLFMZUPEFQSFDJBUFBHBJOTUUIFEPMMBS BOEJTUIFSFGPSFJOUFSFTUFEJOIFEHJOH
BHBJOTUFYDIBOHFSBUFSJTL$POTFRVFOUMZ JUQVSDIBTFT64%GPSXBSETBUEBZT
5IFCBOLRVPUFTBGPSXBSEFYDIBOHFSBUFPG BTLQSJDF
QFTPTQFSEPMMBS UIFSFGPSFBUNBUVSJUZUIFDVTUPNFS
JTPCMJHFEUPCVZGSPNUIFCBOLUIFBNPVOUJOEPMMBSTUIBUJTUIFPCKFDUPGUIFDPOUSBDU 64%
BUUIF
BHSFFEFYDIBOHFSBUF
8IFOUIFDPOUSBDUNBUVSFT BTUIFDVTUPNFSBTTVNFE UIFQFTPIBTEFWBMVFEBOEJTOPXUSBEJOHJOUIFGPSFJHO
FYDIBOHFNBSLFUBUQFTPTQFSEPMMBS)PXFWFS UIFJNQPSUFSIFEHFEBHBJOTUFYDIBOHFSBUFSJTLCZDPOUSBDUJOH
EPMMBSGPSXBSETBUBMPXFSSBUF
UIFSFCZTBWJOH.9/ PCUBJOFEBTGPMMPXT
1VSDIBTFPGEPMMBSTJOEBZTXJUIPVUGPSXBSEDPOUSBDU
64% .9/

GVUVSFEPMMBSQVSDIBTFXJUIGPSXBSEDPOUSBDU
64% .9/

4BWJOHPCUBJOFE.9/
5IFJNQPSUFSHVBSBOUFFEJOBEWBODFUIFHMPCBMDPTUPGUIFJNQPSUTBU SFHBSEMFTTPGUIFGVUVSFEPMMBS
FYDIBOHFSBUF IFMQJOHUIFDPNQBOZTŢJOBODJBMQMBOOJOH
$MFBSMZ DPOUSBSZ UP UIF DVTUPNFST FYQFDUBUJPOT UIF PQQPTJUF NJHIU IBWF IBQQFOFE OBNFMZ UIBU UIF QFTP
NJHIUIBWFBQQSFDJBUFE*OUIJTSFHBSE UIFSFBSFOPTVSQSJTFT5IFDPTUPGJNQPSUTSFNBJOTUIFTBNFEFTQJUFUIF
BQQSFDJBUJPOJOUIFFYDIBOHFSBUF TJODFJUXBTŢJYFEJOBEWBODF BOEUIFDPNQBOZTŢJOBODJBMSFTVMUTBSFUIFSFGPSF
VOBŇFDUFE
*GUIJTFYBNQMFXFSFBO/%' UIFOUIFTFUUMFNFOUXPVMEIBWFCFFOJO64%BUUIFQSFWBJMJOH'*9BUUJNFPGFYQJSBUJPO
'9WPMBUJMJUJFT
2.2.1. FX Options (OTC)
Description
5IJTEFSJWBUJWFJOTUSVNFOUQSPUFDUTBHBJOTUDVSSFODZ JF 64%.9/HPJOHGPSXBSE
BQQSFDJBUJPOEFQSFDJBUJPOJO
XIJDI BCVZFSBDRVJSFTUIFSJHIU CVUOPUUIFPCMJHBUJPO UPQVSDIBTF DBMMPQUJPO
PSTFMM QVUPQUJPO
64%POB
GVUVSFEBUF T
BUBQSJDFTQFDJŢJFEJOBEWBODF TUSJLF
JOSFUVSOGPSUIFQBZNFOUPGBQSFNJVN8IFOUIFPQUJPOJT
FYFSDJTFE UIFOPUJPOBMNBZCFGVMMEFMJWFSFEPSDBTITFUUMFEJOFJUIFS64%PS.9/
5IFBEWBOUBHFTPGPQUJPOTBSFFYDIBOHFSJTLJTIFEHFEMJRVJEJUZJTTBWFETJODFUIFSFJTOPOFFEUPQVSDIBTFUIF
EPMMBSTTVCKFDUUPUIFPQFSBUJPOJOBEWBODFBOEUIFBNPVOUBOEUFSNBSFFTUBCMJTIFECBTFEPOUIFDVTUPNFST
SFRVJSFNFOUT*OBEEJUJPOUPIFEHJOHBOEFMJNJOBUJOHFYDIBOHFSJTL BOPUIFSCFOFŢJUJTUIBUDBTIŢMPXTJOQFTPTDBO
CFBOUJDJQBUFEBUUIFTUBSUPGUIFPQFSBUJPOSFHBSEMFTTPGUIFGVUVSFQFSGPSNBODFPGUIFFYDIBOHFSBUF
Mexico 2011
Participants: Mexican and foreign nationals.
Reference amount: Variable. Based on the customer’s needs. Must not be less than 100,000
USD.
Period: Up to 3 years
Types of option: This is depends on the day on which or the period of time within which the
option buyer’s right is exercised. They may be:
- European: The buyer may only exercise the option at maturity.
- American: The buyer may exercise the option on any bank business
day between the outset of the operation (premium payment) and the
date the option matures.
FIX reference Exchange rate published by the Banco de México in the Official Gazette, and
exchange rate: www.banxico.org.mx .
Strike: Exchange rate agreed on by the parties that will be used on the maturity or
exercise date in the event of a cash settle.
Trade date: Date on which the parties close the transaction.
Option premium: Amount in pesos or dollars that the buyer must pay the seller at the start of
the operation to acquire the operation’s underlying right. It is paid on the
second business day following the date of arrangement of the operation.
Exercise date: Date on which the buyer exercises his right, assuming he decides to do so.
Settlement date: The option will be settled on the second bank business day immediately
following the exercise date and may be performed in two ways:
a. Physical delivery of the currencies (payment in kind)
b. Cash settlement in either USD or MXN
Maturity date: Date on which the buyer’s right to exercise a sell or purchase option expires.
Types of operation
a. Call options
s Purchase of a call:5IFDVTUPNFSCVZTUIFSJHIUUPCVZ64%.9/BUBOBHSFFETUSJLFQSJDFPOBTQFDJŢJFE
EBUFJOFYDIBOHFGPSBOPQUJPOQSJDF QSFNJVN

s Sell of a call: 5IFDVTUPNFSTFMMTUIFSJHIUUPCVZ64%.9/BUBOBHSFFETUSJLFQSJDFPOBTQFDJŢJFEEBUFJO
FYDIBOHFGPSBOPQUJPOQSJDF QSFNJVN
5IVT IFSFDFJWFTUIFQSFNJVNCVUIFJTPCMJHFEUPTFMM64%.9/
JOUIFFWFOUUIFPQUJPOIPMEFSEFDJEFTUPFYFSDJTFJU
b. Put options
s Purchase of a put:5IFDVTUPNFSCVZTUIFSJHIUUPTFMM64%.9/BUBOBHSFFETUSJLFQSJDFPOBTQFDJŢJFE
EBUFJOFYDIBOHFGPSBOPQUJPOQSJDF QSFNJVN

s Sell of a put:5IFDVTUPNFSTFMMTUIFSJHIUUPTFMM64%.9/BUBOBHSFFETUSJLFQSJDFPOBTQFDJŢJFEEBUF
JO FYDIBOHF GPS BO PQUJPO QSJDF QSFNJVN
5IVT IF SFDFJWFT UIF QSFNJVN CVU IF JT PCMJHFE UP CVZ
64%.9/JOUIFFWFOUUIFPQUJPOIPMEFSEFDJEFTUPFYFSDJTFJU
Examples
Purchase of call option
"OJNQPSUFSXJTIFTUPIFEHFBHBJOTUUIFSJTLPGBQPTTJCMFEFQSFDJBUJPOPGUIFQFTPCFGPSFQVSDIBTJOHHPPET
XPSUI 64%QBZBCMFJONPOUIT5IFDVSSFOUTQPUFYDIBOHFSBUFJTQFTPTQFSEPMMBS
Mexico 2011
5IFJNQPSUFSEFDJEFTUPQVSDIBTFB&VSPQFBOTUZMFEPMMBSDBMMPQUJPOGSPNUIFCBOL BUBOFYFSDJTFQSJDFPG
QFTPTQFSEPMMBS5IFQSJDF QSFNJVN
PGUIFPQUJPOXIJDIUIFCBOLNVTUQBZJTQFTPTQFSEPMMBS BOEUIF
UPUBMBNPVOUQBZBCMFJTUIFSFGPSF
64% .9/.9/
5IJT BNPVOU JT UIF DPTU PG IFEHJOH UIF JNQPSUT BHBJOTU B QPTTJCMF EFQSFDJBUJPO *G UIF JNQPSUFS FYFSDJTFT UIF
PQUJPO IFJTJNQMJDJUMZBDRVJSJOHBOFYDIBOHFSBUFPGQFTPTQFSEPMMBS PCUBJOFEGSPNUIFGPMMPXJOH
QFTPTQFTPT.9/
5IJTJTUIFQSJDFPGUIFVOEFSMZJOHTFDVSJUZ 4
BQQMJDBCMFPOUIFFYFSDJTFEBUF GSPNXIJDIUIFPQUJPOHFOFSBUFT
BQSPŢJU*GUIFTQPUFYDIBOHFSBUFJOEBZTJTIJHIFSUIBOQFTPTQFSEPMMBS UIFJNQPSUFSXJMMCFOFŢJUGSPN
FYFSDJTJOHUIFDBMMPQUJPO
Risk profile in the purchase of a call in the line with the price of the underlying security
+ Profit
S* = $ 13.3474
13.00
S
Option price = $ 0.3474
- Loss
8IFOUIFDPOUSBDUNBUVSFT UIFFYDIBOHFSBUFEFQSFDJBUFTBTUIFDVTUPNFSFYQFDUFE USBEJOHBUQFTPTQFS

EPMMBS BOEUIFJNQPSUFSUIFSFGPSFFYFSDJTFTUIFSJHIUUPQVSDIBTF 64%BUUIFFYFSDJTFFYDIBOHFSBUFPG
QFTPTQFSEPMMBS
$POTFRVFOUMZ UIF UPUBM BNPVOU QBZBCMF JO QFTPT PO NBUVSJUZ PG UIF PQUJPO UP QVSDIBTF 64% JT
.9/ DBMDVMBUFEBTGPMMPXT
Exercise of the option
64%QFTPTQFSEPMMBS
.9/
DPTUPGUIFPQUJPOTQSFNJVN .9/
UPUBMDPTUJOQFTPTPGUIFJNQPSU .9/
5IJTŢJHVSFJTMPXFSUIBOUIFBNPVOUQBZBCMFJGIFIBEOPUIFEHFEBHBJOTUUIFEFWBMVBUJPOSJTLEFUFSNJOFECZUIF
FYDIBOHFSBUFBUUIFUJNF .9/QFS64% 64%
.9/ TBWJOH .9/
)PXFWFS UIFNBSLFUFYDIBOHFSBUFBQQMJDBCMFPOUIFEBZUIFDPOUSBDUNBUVSFTNJHIUCFMPXFSUIBOUIFFYDIBOHF
SBUFJNQMJDJUJOUIFPQUJPO JOXIJDIDBTFUIFJNQPSUFSXPVMEOPUFYFSDJTFUIFPQUJPOTJODFJUXPVMECFDIFBQFSGPS
IJNUPBDRVJSFUIFEPMMBSTJOUIFTQPUNBSLFU*OUIJTDBTF UIFMPTTJTMJNJUFEUPUIFPQUJPOTQSFNJVN .9/

Purchase of USD Puts

*ONPOUIT BDPNQBOZXJMMSFDFJWF 64%GSPNFYQPSUT*UXJTIFTUPUPEBZŢJYUIFBNPVOUJOQFTPTGSPN
JUTFYQPSUT JOWJFXPGUIFQPTTJCJMJUZUIBUUIFQFTPNBZBQQSFDJBUF BOEDPOTFRVFOUMZEFDJEFTUPQVSDIBTFEPMMBS
QVUPQUJPOT
5IFFYQPSUFSEFDJEFTUPQVSDIBTFB&VSPQFBOTUZMFEPMMBSQVUPQUJPOBUBOFYFSDJTFQSJDFPGQFTPTQFSEPMMBS
5IFQSJDF QSFNJVN
PGUIFPQUJPOJTQFTPTQFSEPMMBS BOEUIFUPUBMBNPVOUQBZBCMFJTUIFSFGPSF
64%.9/QFS64% .9/
Mexico 2011
5IJTBNPVOUJTUIFDPTUPGIFEHJOHUIFFYQPSUTBHBJOTUBQPTTJCMFBQQSFDJBUJPO*GUIFFYQPSUFSFYFSDJTFTUIFPQUJPO
IFXJMMJNQMJDJUMZCFBDRVJSJOHBOFYDIBOHFSBUFPGQFTPTQFSEPMMBSPCUBJOFECZ
.9/.9/.9/
5IJTJTUIFQSJDFPGUIFVOEFSMZJOHTFDVSJUZ 4
BQQMJDBCMFPOUIFEBUFPGFYFSDJTF GSPNXIJDIUIFPQUJPOHFOFSBUFT
BQSPŢJU*OPUIFSXPSET JGUIFFYDIBOHFSBUFJOEBZTJTMPXFSUIBOQFTPTQFSEPMMBS UIFFYQPSUFSXJMM
CFOFŢJUGSPNFYFSDJTJOHUIFEPMMBSTFMMPQUJPO
Risk profile in the purchase of a put option acording to the price of the underlying security
+ Loss
S* = $ 12.2526
12.6
S
Option price = $ 0.3474
- Profit
8IFOUIFPQUJPONBUVSFE UIFFYDIBOHFSBUFIBEBQQSFDJBUFEBTUIFDVTUPNFSFYQFDUFE BOETUPPEBUQFTPT

QFSEPMMBS5IFFYQPSUFSUIFSFGPSFFYFSDJTFEUIFSJHIUUPTFMM 64%BUUIFBHSFFEFYDIBOHFSBUFPG
QFTPTQFSEPMMBS
$POTFRVFOUMZ UIFUPUBMOFUBNPVOUSFDFJWBCMFJOQFTPTPOUIFPQUJPOTNBUVSJUZ GPSTFMMJOH 64% JT

.9/ XIJDI BGUFSEJTDPVOUJOHQBZNFOUPGUIFPQUJPOQSFNJVN MFBWFT .9/*O
PUIFSXPSET
Option exercise
64%QFTPTQFSEPMMBS

.9/
$PTUPGPQUJPOQSFNJVN .9/
3FWFOVFTJOQFTPTPGUIFFYQPSU .9/
5IJTŢJHVSFJTIJHIFSUIBOUIFPOFUIFDVTUPNFSXPVMEIBWFSFDFJWFEJGIFIBEOPUIFEHFEBHBJOTUUIFSJTLPG
BQQSFDJBUJPOEFUFSNJOFECZUIFFYDIBOHFSBUFBUUIFUJNF .9/ 64%.9/

4BWJOH.9/
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MJNJUFEUPUIFPQUJPOTQSFNJVN
Mexico 2011
2.2.2. FX Options (MEXDER)

Description
5IFTFEFSJWBUJWFDPOUSBDUTBSFVTFEGPSIFEHJOHBHBJOTU PSTQFDVMBUJOHPO
64%.9/ŢMVDUVBUJPOTBOEBSFUSBEFE
PO .&9%&3 UIF TUBOEBSEJTFE NBSLFU 5IF CVZFS BDRVJSFT UIF SJHIU CVU OPU UIF PCMJHBUJPO UP QVSDIBTF DBMM
PQUJPO
PSTFMM QVUPQUJPO
64%POBGVUVSFEBUF BUBTUSJLFQSJDFBHSFFEJOBEWBODF5IFDPOUSBDUTUZMFVTFEPO
.&9%&3JT&VSPQFBO8IFOUIFPQUJPOJTFYFSDJTFEBUNBUVSJUZ UIFPQFSBUJPOJTQIZTJDBMMZTFUUMFE
Contract characteristics
Face value: 10,000.00 USD (ten thousand dollars 00/100).
Contract kind: Call and Put
Contract style: European
Delivery months: Quarterly cycle for up to one year (for both call and put options):
March, June, September, and December.
Strike price: It will be expressed in Mexican pesos in accordance with the spot price
of the USD and in multiples of 0.05 MXN. For each maturity, MEXDER
will list one strike price (ATM) equivalent to the USDMXN spot value of
the previous day, and two higher and two lower strike prices.
Trading symbols: “DA” plus 5 digits to specify the strike price and another digit to
specify the contract type and maturity month (Call: March, “C”;
June, “F”; September, “I”; December, “L”. Put: March, “O”; June, “R”;
September, “U”; December, “X”). For example, “DA 13850C” = call op-
tion maturing March with a strike price of 13.850 and “DA 13100X” =
put option maturing December with a strike price of 13.100.
Unit quoted: Pesos to three decimals per linked unit.
Minimum fluctuation (Tick): 0.001 MXN (one thousandth of a Mexican peso).
Trading hours: 07:30 a.m. to 2:00 p.m. (GMT -06:00)
Last day of trading and maturity date: The maturity date of the monthly USDMXN futures contract listed
on MEXDER.
Settlement day: Second business day following maturity date.
Settlement at maturity: Performed by the automatic exercise of all positions with a
positive intrinsic value equal to or greater than the self-exercise
threshold established by the clearing house (ASIGNA).
Intrinsic value at maturity: A call option has a positive intrinsic value when the strike price
is lower than the closing spot value of USDMXN published by
MEXDER.
A put option has a positive intrinsic value when the strike price
is higher than the closing spot value of USDMXN published by
MEXDER.
Otherwise, the intrinsic value on the maturity date shall be zero.
Daily settlement: ASIGNA will carry out the daily settlement of investor obligations
including all premiums agreed upon negotiation, the maintenance
margin, accrued interest, and corresponding fees. The daily price
settlement is calculated by MEXDER for each series.
Initial margin: Amount needed to start the contract in order to guarantee
obligations.
Maintenance margin: Margin “calls” or margin “withdrawals” as a function of open
positions.
Mexico 2011
'JYFE*ODPNF (PWFSONFOU
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5IFDPNQFUJUJWFCJEEJOHQSPDFTTDBOCFTVNNBSJTFEJOGPVSTUFQT
Auctions of CETES, BONDES, UDIBONOS and fixed-rate MBONOS

s 0ŇFSJOH QSFWJPVT'SJEBZBUQN
s #JEEJOH 5VFTEBZUPBN
s 3FTVMU%JTDMPTVSF 5VFTEBZBN
s 4FUUMFNFOU 5IVSTEBZ
Auctions of Savings Protection Bonds (BPAs)

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s #JEEJOH 8FEOFTEBZBNUPBN
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Offering
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PSNVMUJQMFQSJDFT
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Bidding
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GVOET&BDIJOTUJUVUJPOTVCNJUTJUTCJET CPUIBNPVOUTBOEQSJDFT
FJUIFSJOBTFBMFEFOWFMPQFPSUISPVHIFODSZQUFE
FMFDUSPOJDŢJMF5IFTVNPGBMMUIFBNPVOUTTVCNJUUFECZBTJOHMFJOWFTUPSJOBQSJNBSZBVDUJPONVTUOPUFYDFFE
PGUIFUPUBMBNPVOUPGTFDVSJUJFTPŇFSFEJOUIFBVDUJPO5IFQSJDFJTBGVODUJPOPGOFUTVQQMZPGCPOET BNPVOU
PŇFSFEMFTTSFEFFNTJOUIFXFFL
MJRVJEJUZQSFGFSFODFT SJTLBQQFUJUF BOEJOŢMBUJPOFYQFDUBUJPOT
Allocation
"TJOBOZ%VUDIBVDUJPO XIFSFUIFSFBSFNVMUJQMFXJOOJOHCJEEFST TFDVSJUJFTBSFBMMPDBUFEJOMJOFXJUIUIFBTDFOEJOH
PSEFSPGUIFDPSSFTQPOEJOHEJTDPVOUSBUFT XJUIPVUFYDFFEJOHUIFNBYJNVNBNPVOUJOEJDBUFEJOUIFPŇFSJOH5IF
BMMPDBUFEJOUFSFTUSBUFPSQSJDFDPVMECFFJUIFSUIFTBNFGPSBMMQBSUJDJQBOUT TJOHMFQSJDF
PSUIFSBUFSFRVFTUFEGPS
FBDIXJOOFSQBSUJDJQBOU NVMUJQMFQSJDF

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UIFMBTUCJEBMMPDBUFE
5IJTUZQFPGBVDUJPOFODPVSBHFTNPSFBHHSFTTJWFCJETGSPNJOUFSNFEJBSJFT UIVTQSPNPUJOHMPXFSJOUFSFTUSBUFT
5IFBCPWFOPUXJUITUBOEJOH UIF#BODPEF.ÈYJDPIBTUIFSJHIUUPFJUIFSQPTUQPOFBOZBVDUJPOPSUPBMMPDBUFB
GSBDUJPOPGBMMTFDVSJUJFTPŇFSFEJGUIFQSFWBJMJOHNBSLFUDPOEJUJPOTEPOPUNFFUJUTCFODINBSLT
1
*OB%VUDIBVDUJPOUIFBVDUJPOFFSCFHJOTXJUIBIJHIBTLJOHQSJDFXIJDIJTMPXFSFEVOUJMTPNFQBSUJDJQBOUJTXJMMJOHUPBDDFQUUIFBVDUJPOFFST
QSJDF PSUIFTFMMFSTNJOJNVNBDDFQUBCMFQSJDF SFTFSWFQSJDF
JTSFBDIFE5IJTUZQFPGBVDUJPOJTBMTPLOPXOBTBhDMPDLBVDUJPOvPSBEFTDFOEJOH
QSJDFBVDUJPO
Mexico 2011
Single Price allocation

160
140
120 Amount offered by Banxico

at single 7% rate
100
30
80
60
35
40
20 20
15
0
Bidder I: 4% Bidder II: 5% Bidder III: 6% Bidder IV: 7% Bidder V: 8%
*Omultiple pricesBVDUJPOTUIFBMMPDBUJPOXPVMECF
*OUIFDBTF UIFTFDVSJUJFTBSFBMMPDBUFEJOBTDFOEJOHPSEFSPGUIFDPSSFTQPOEJOHEJTDPVOUSBUFT XJUIPVUFYDFFEJOH
UIF NBYJNVN BNPVOU JOEJDBUFE JO UIF PŇFSJOH 5IF SBUF BMMPDBUFE JT UIF SBUF SFRVFTUFE JO FBDI QBSUJDJQBOUT
CJE $&5&4 #0/%&4 #1"T BOE #1"5 BSF BMMPDBUFE JO EFTDFOEJOH PSEFS PG VOJU QSJDFT XJUIPVU FYDFFEJOH UIF
NBYJNVNBNPVOUJOEJDBUFEJOUIFPŇFSJOH
Single price allocation 2

Bidding Rate
1.5 Std. Dev.
Minimun Weighted Maximun

rate demand rate rate
Allocation Rate
Minimun Weighted Maximun

rate allocation rate rate
4% 5% 7% 9% 10%
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PGUIFNBSLFU
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XIJDITFDVSJUJFTIBWFCFFOBMMPDBUFE
Traditional auctions:#JEEFSTIBWFOPJOGPSNBUJPOPOPUIFSCJEEFSTCFIBWJPSVOUJMUIFSFTVMUTBSFQVCMJTIFE
Mexico 2011
Interactive auctions:4FDVSJUJFTBSFBMMPDBUFEBUNBSHJOBMSBUFTSFRVFTUFECZUIFJOUFSNFEJBSJFT VOUJMUIFBNPVOU

VQGPSBVDUJPOIBTCFFOGVMMZBMMPDBUFE
Syndicated Bond Auction .#0/04BOE6EJCPOPTTJODF'FCSVBSZ
5IFCJEEFSTBSFPOMZNBSLFUNBLFST
BOEUIFQVCMJDPŇFSJTSFMFBTFEPOFEBZCFGPSFUIFBVDUJPO5IFPŇFSSFMFBTFJODMVEFTBEFUBJMFEMJTUPGJOTUSVNFOUT
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QSJDFJTQBJECZBMMUIFXJOOFSTBOEBMMPDBUJPOJTNBEFUPUIPTFPŇFSJOHBIJHIFSQSJDF
Market makers
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HSFBUFSJOWFTUNFOUJOHPWFSONFOUTFDVSJUJFT
5PHVBSBOUFFJOWFTUPSTBQQFUJUFGPSMPOHUFSNŢJYFESBUFJOTUSVNFOUT UIFSFNVTUCFBEFFQBOEMJRVJETFDPOEBSZ
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)FODF UIF4FDSFUBSJBUPG'JOBODFBOE1VCMJD$SFEJU XJUIUIFTVQQPSUPG#BODPEF.ÈYJDP DSFBUFEUIFŢJHVSFPG
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TUBSUJOHJO/PWFNCFS
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Obligations:
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QBSUJDJQBUJPOPGFBDINBSLFUNBLFSJTUIFMPXFSPGBOEOPGUIFUPUBMBNPVOUBVDUJPOFEGPSFBDI
ŢJYFESBUFTFDVSJUZ hOvJTUIFOVNCFSPGNBSLFUNBLFST

C 4JHOJŢJDBOUQBSUJDJQBUJPOJOUIFTFDPOEBSZHPWFSONFOUEFCUNBSLFU.BSLFUNBLFSTNVTURVPUFCJEBOE
BTLQSJDFTEBJMZ CFUXFFOBNBOEQN GPSBMMSFMFWBOUSBOHFTJOXIJDIŢJYFESBUFTFDVSJUJFTPQFSBUF
GPSBNJOJNVNOPNJOBMBNPVOUPG.9/NJMMJPO
D .BJOUBJOBEFRVBUFSJTLNBOBHFNFOU JOMJOFXJUI#BODPEF.ÈYJDPSFHVMBUJPOT
E 3FQPSUPQFSBUJPOTUPBVUIPSJUJFT
Rights:
B 1VCMJDSFDPHOJUJPOPGNBSLFUNBLFSTUBUVT UISPVHIUIF4FDSFUBSJBUPG'JOBODF|TRVBSUFSMZMJTUPGSFDPHOJ[FE
NBSLFUNBLFSJOTUJUVUJPOT
C 5IF SJHIU UP FYFSDJTF BO PQUJPO UP CVZ GSPN UIF #BODP EF .ÈYJDP 0OF EBZ BGUIFS UIF SFMFBTF PG UIF
QSJNBSZ BVDUJPOT GSPN BN UP BN
NBSLFU NBLFST BSF FOUJUMFE UP QVSDIBTF BO BEEJUJPOBM
BNPVOUPGTFDVSJUJFTUPFOBCMFUIFNUPNFFUUIFJSDMJFOUTSFRVJSFNFOUT
The maximum amount exercisable is the lower of:
PGUIFUPUBMBNPVOUPGHPWFSONFOUTFDVSJUJFTBMMPDBUFEGPSFBDIQFSJPE
5IFUPUBMBNPVOUPGDPNQVUBCMFCJETQSFTFOUFECZUIFNBSLFUNBLFSJORVFTUJPO
$PNQVUBCMF CJET BSF UIPTF XIPTF ZJFME JT MFTT UIBO PS FRVBM UP UIF IJHIFTU ZJFME BMMPDBUFE JO FBDI NBUVSJUZ
NVMUJQMJFE CZ B GBDUPS PG CFUXFFO BOE 5IJT GBDUPS XJMM EFQFOE PO UIF BDUJWJUZ JOEFY MFWFM PG FBDI
NBSLFUNBLFS
Securities lending
.BSLFUNBLFSTNBZSFRVFTUBOZJTTVBODFPG$&5&4PGŢJYFESBUF#0/04JODJSDVMBUJPOGSPN#BODPEF.ÈYJDPBT
BMPBO SFOFXBCMFPOBEBJMZCBTJT&BDINBSLFUNBLFSNBZSFRVFTUVQUPPGUIFUPUBMPGUIFTFHPWFSONFOU
TFDVSJUJFTJODJSDVMBUJPOBOEVQUPPGUIFBNPVOUPGFBDIPGUIFJTTVBODFT
5IFPQFSBUJPOTXJMMCFDPMMBUFSBMJTFEEBJMZXJUI$&5&4PSŢJYFESBUF#0/04 VTJOHUIFMBUFTUQSJDFWFDUPSQVCMJTIFE
CZ#BODPEF.ÈYJDP5IFWBMVFPGTFDVSJUJFTVTFEBTDPMMBUFSBMJTBUMFBTUPGUIFWBMVFPGUIFTFDVSJUJFTMPBOFE
QMVT UIF BHSFFE QSFNJVN 5IF DPTU PG FBDI TFDVSJUJFT MPBO PQFSBUJPO JT FRVJWBMFOU UP PG UIF HPWFSONFOU
GVOEJOHSBUFQVCMJTIFEEBJMZCZUIF#BODPEF.ÈYJDP
Mexico 2011
&WFSZZFBS POUIFMBTUUSBEJOHEBZPG+BOVBSZ "QSJM +VMZBOE0DUPCFS UIF4FDSFUBSJBUPG'JOBODFBOE1VCMJD$SFEJUT

XFCTJUFXJMMSFMFBTFUIFOBNFTPGUIFŢJOBODJBMJOTUJUVUJPOTBVUIPSJTFEBTNBSLFUNBLFST5IFTFOBNFTBSFQMBDFE
JOEFTDFOEJOHPSEFSPGUIFBDUJWJUZJOEFYPGFBDIJOUFSNFEJBSZJOUIFQSFDFEJOHCSPLFSBHFQFSJPE
'JOBODJBM JOUFSNFEJBSJFT BSF BQQPJOUFE BT NBSLFU NBLFST GPS BO JOEFŢJOJUF QFSJPE PG UJNF QSPWJEFE UIBU UIFZ
DPOUJOVFUPNFFUBMMBQQMJDBCMFSFHVMBUJPOTBOESFRVJSFNFOUT
.POFZ.BSLFU$FUFT 05$

Description
5IF 'FEFSBM 5SFBTVSZ #JMMT $&5&4
BSF POF PG UIF MFBEJOH JOTUSVNFOUT JO UIF .FYJDBO NPOFZ NBSLFU BOE BSF
DPNNPOMZ VTFE BT B CFODINBSL GPS ŢJOBODJBM USBOTBDUJPOT 4JODF $&5&4 IBWF CFFO UIF NBJO TPVSDF PG
GFEFSBMHPWFSONFOUGVOEJOH$&5&4BSF[FSPDPVQPOCPOETXJUIŢMFYJCMFJOWFTUNFOUUFSNT JNNFEJBUFMJRVJEJUZ
BOEBUUSBDUJWFZJFMET
Advantages:
s *OWFTUPSTDBOŢJOEWBSJPVTNBUVSJUJFTJOUIF$&5&4NBSLFU XIJDIBMMPXTUIFNUPDPOTUSVDUQPSUGPMJPTUIBUUBLF
MJRVJEJUZDPOTUSBJOUTJOUPBDDPVOU
s $SFEJUSJTLJTMPX BTUIFTFDVSJUJFTBSFGVMMZCBDLFECZUIF.FYJDBOGFEFSBMHPWFSONFOU
s 5IFSFJTBCSPBEBOEMJRVJETFDPOEBSZNBSLFUXIFSFUIFTFDVSJUJFTDBOCFTPME FJUIFSUISPVHISFQVSDIBTF
BHSFFNFOUT SFQPTPS4QPU
QSJPSUPNBUVSJUZ5IFZDBOBMTPCFVTFEJOTFDVSJUJFTMFOEJOHUSBOTBDUJPOT
s 5IFSFUVSOPO$&5&4JTVTFEBTBSFGFSFODFJOUFSFTUSBUFGPSBMBSHFOVNCFSPGŢJOBODJBMUSBOTBDUJPOT TBGVUVSFT
BOEPQUJPOT

Disadvantages:
s -JLFBOZNPOFZNBSLFUJOTUSVNFOU $&5&4BSFTVCKFDUUPQSJDFŢMVDUVBUJPOT NBSLFUSJTL
XIFOTPMECFGPSF
NBUVSJUZ5IFSFGPSF UIFSFUVSOGPSJOWFTUPSTNBZOPUCFBTJOJUJBMMZQMBOOFE5IFMPOHFSUIFUJNFSFNBJOJOHVOUJM
NBUVSJUZ UIFHSFBUFSUIFQSJDFŢMVDUVBUJPOT
Issuer: Federal Government, via Banco de México
Guarantee: Federal Government
Amount: Variable
Face value: MXN $10 pesos
Maturity: CETES are normally issued for 28, 91, 175-182, and 364 days. To enhance
marketability, CETES are fungible; that is, the number of issuances is
reduced while the volume of placement is increased. Consequently, in
a single one-year issuance, CETES are placed in maturity periods of 335
and 364 days and, for six-month issues, between 153 and 182 days.
Yield: As any zero-coupon bond, the yield comes from the price discount rela-
tive to par value. The return is obtained from the difference between the
under-par purchase price and the redemption or sell price. The price is
set freely in the market (OTC) in terms of interest rate or discount rate.
However, CETES are normally quoted with yield rate.
Amortization: Bullet payment on maturity
$POUJOVFEPOOFYUQBHF
Mexico 2011
Contract characteristics (Continues)

Placement: Public auction, multiple-price
Deposits under management: Banco de México is the custodian of the securities.
Intermediation: Banks and brokerage houses
Ticker symbol: “BI”, year, month, and day (i.e. “BI100729” for a CETE to mature on July
29, 2010)
Bloomberg Ticker: MPTBA BCMR <CURNCY> for 1-month; MPTBB BCMR <CURNCY> for
2-months; MPTBC BCMR <CURNCY> for 3-months; MPTBF BCMR <CURN-
CY> for 6-months; MPTBI BCMR <CURNCY> for 9-months; MPTB1 BCMR
<CURNCY> for 12-months.
Official reference: http://www.banxico.org.mx/sitioingles/portalesEspecializados/tasasIn-
teres/auctplacesec.html
Main formulas
VN
P 4) P =
1) TD = 1 - * 360 TR * n
VN 1+
360
TR + 360 TD * n
2) TD = 5) P = VN * 1 -
360 + TR* n 360
D 360
3) TR = * 6) P = VN - D
P n
TR * n
7) D = VN *
360 + TR * n
8IFSF
1$&5&4QSJDF SPVOEFEUPEFDJNBMQMBDFT

%%JTDPVOUJOQFTPT
7/'BDFWBMVFPG$&5&4
533FUVSOSBUFJOUIFQFSJPEhO vBTBQFSDFOUBHF
5%%JTDPVOUSBUFJOUIFQFSJPEhO vBTBQFSDFOUBHF
O1FSJPEJOEBZT
Examples
Spot trade
" DPNQBOZ XJTIFT UP JOWFTU JUT TVSQMVT DBTI JO B NPOFZ NBSLFU JOTUSVNFOU BOE IPME UIF JOTUSVNFOU VOUJM
NBUVSJUZ$POTFRVFOUMZ JUBDRVJSFTEBZ$&5&4XJUIBOBOOVBMEJTDPVOUSBUFPG5IF$&5&4QSJDFJT
QFTPTQFSTFDVSJUZ JF
£ 6% * 28 ¥
P = 10 * ²1 < ´ = $9.9533 pesos per security
¤ 360 ¦
8JUIJO EBZT UIF DPNQBOZ SFDFJWFT QFTPT QFS TFDVSJUZ 5IF OPNJOBM SFUVSO PO UIF JOWFTUNFOU JT
UIFSFGPSFBOOVBMMZ JF
£ 10.00 ¥ £ 360 ¥
Nominal rate of return = ² < 1´ * ² ´ = 6.0281%
¤ 9.9533 ¦ ¤ 28 ¦
Mexico 2011
Outright trade
"OJOWFTUPSBDRVJSFTEBZ$&5&4XJUIBOBOOVBMSBUFPGSFUVSOPG BUBQSJDFPGQFTPTQFSTFDVSJUZ
XIJDIJTFRVJWBMFOUUPUIFQSFTFOUGBDFWBMVF JF
10
P= = $9.8261 pesos per security
£ 7% * 91 ¥
²1 + ´
¤ 360 ¦
"GUFSEBZT UIFJOWFTUPSOFFETDBTI BOEUIFSFGPSFEFDJEFTUPTFMMIJT$&5&4QPTJUJPOEBZTQSJPSUPNBUVSJUZ

5IFNBSLFUDPOEJUJPOTBSFGBWPVSBCMFTJODF$&5&4BSFJOEFNBOE BOEIFUIFSFGPSFNBOBHFTUPTFMMUIFQPTJUJPO
BUBOOVBMMZGPSEBZT JNQMZJOHBQSJDFPGQFTPTQFSTFDVSJUZ
10
P= = $9.8875 pesos per security
1 + 6.50% * 63
360
$POTFRVFOUMZ UIFBOOVBMZJFMEHFOFSBUFEJTJOEBZT5IJTJTIJHIFSUIBOUIFBNPVOUJOJUJBMMZQMBOOFE
BOEPWFSBTIPSUFSJOWFTUNFOUQFSJPE JF
£ $9.8875 ¥ £ 360 ¥
Yield = ² < 1´ * ² ´ = 31.79%
¤ $9.8261 ¦ ¤ 28 ¦
5IFZJFMEHFOFSBUFEJOUIFBCPWFFYBNQMFQSJNBSJMZEFQFOETPOUIFQSFWBJMJOHNBSLFUDPOEJUJPOT3FUVSOTBSF
IJHIFSXIFOJOUFSFTUSBUFTESPQBOEMPXFSXIFOUIFSBUFTJODSFBTF
'JYFE3BUF.#0/04 6EJCPOPTBOE6.4
3.3.1. MBONOS (OTC)
Description
.FYJDBO 'FEFSBM (PWFSONFOU %FWFMPQNFOU #POET XJUI B 'JYFE*OUFSFTU 3BUF .#0/04
BSF UIF MBUFTU TFU PG
HPWFSONFOUTFDVSJUJFTUIFZBSFJTTVFEBOEQMBDFEGPSQFSJPETPGNPSFUIBOPOFZFBSBOEQBZŢJYFETFNJBOOVBM
DPVQPOT
5IFQMBDFNFOUPGUIFTFCPOETQSPWJEFTFWJEFODFPGJOWFTUPSDPOŢJEFODFCPUIJOUIF.FYJDBOFDPOPNZBOEPG
UIFGFEFSBMHPWFSONFOUTDPNNJUNFOUUPSFEVDJOHJOŢMBUJPOBSZBOETPWFSFJHOSJTLUISPVHIQSVEFOUNPOFUBSZBOE
ŢJTDBMQPMJDJFT
-POHUFSN'FEFSBM(PWFSONFOUCPOETIBWFCFFOJTTVFEXJUIUIFBJNPGFTUBCMJTIJOHBCFODINBSLSJTLGSFFSBUF
DSFEJU SJTL
BOE EFWFMPQJOH B NFEJVN BOE MPOHUFSN QSJWBUF EFCU NBSLFU .#0/04 IBWF B CSPBE TFDPOEBSZ
NBSLFU*UJTOPXQPTTJCMFUPVOEFSUBLFPVUSJHIUTFMMT SFQVSDIBTFBHSFFNFOUT SFQPT
BTXFMMBTTFDVSJUJFTMFOEJOH
USBOTBDUJPOTPO.#0/04%JSFDUUSBOTBDUJPOTDBOCFNBEFCZRVPUJOHUIFJSDMFBOQSJDF CVUNBSLFUDPOWFOUJPOJT
UPNBLFRVPUBUJPOTJOUFSNTPGZJFMEUPNBUVSJUZ
Mexico 2011
Name: Mexican Federal Government Development Bonds with a Fixed Interest
Rate (MBONOS)
Issuer: Mexican Federal Government
Calendar: This is released each quarter in advance and the Bank of Mexico
notifies the auction of MBONOS (of each maturity) on the Friday prior to
the placement date
Guarantee: Mexican Federal Government
Amount: Variable
Face value: 100 pesos
Maturity: MBONOS may be issued for any maturity period provided that it is a
multiple of 182 days, since they pay a fixed coupon every six months.
However, to date they have been issued at periods of 3, 5, 10, 20 and
30 years. They are commonly known as BONOS M3, M5, M10, M20
and M30
Interest period: The securities accrue interest in pesos every six months (182 days)
Interest rate: The interest rate payable is determined at the auction of government
securities in line with the single-rate procedure
Interest payment: The interest rate is fixed throughout the period and interest is paid
every 182 days on the face value
Payment of principal: At maturity
Placement: In a primary auction for the corresponding maturity period with the
frequency indicated in the quarterly placement schedule released by
the Secretariat of Finance and Public Credit
Ticker symbol: “M” plus a space followed by six digits identifying the bond’s maturity
date (e.g. “M 130620” for the issue maturing June 20, 2013)
Fungibility: Each issue’s interest rate is fixed from issuance to maturity, so that
the bonds may not be interchangeable unless exactly the same
interest rate is paid
Bloomberg Tickers: “BCMR1 <GO>” for BBVA Bancomer contributions; “MBONO <CORP>”
for Mexican Fixed Rate page
Official reference: http://www.banxico.org.mx/sitioingles/portalesEspecializados/tasasIn-
teres/auctplacesec.html
Formulas:
Interest payment
*OUFSFTUJTDBMDVMBUFECBTFEPOUIFOVNCFSPGFŇFDUJWFEBZTQBTTFECFUXFFOTFUUMFNFOUEBUFT CBTFEPOZFBSTPG
EBZTBOEQBJEPODPNQMFUJOHFBDIPGUIFDPVQPOTFSJFT
[ ]
Nj *TC
Ij=VN*
360
XIFSF
*KJOUFSFTUQBZBCMFBUUIFFOEPGQFSJPEK
5$BOOVBMJOUFSFTUSBUFPODPVQPO
7/GBDFWBMVFPGUIFTFDVSJUZJO.9/
/KNBUVSJUZQFSJPEPGDPVQPOKJOEBZT
Mexico 2011
1SJNBSZBVDUJPOTPGUFOPGGFSTFDVSJUJFTJTTVFEQSJPSUPUIFJSQMBDFNFOUEBUF*OUIFTFDBTFT UIFBVDUJPOT
BSFQFSGPSNFEBUUIFJSDMFBOQSJDF JFXJUIPVUJOUFSFTUBDDSVFE5PMJRVJEBUFUIFTFTFDVSJUJFT JUJTOFDFTTBSZ
UPBEEUIFJOUFSFTUBDDSVFEPOUIFDVSSFOUDPVQPOUPUIFBMMPDBUJPOQSJDFPGUIFBVDUJPO BDDPSEJOHUPUIF
GPMMPXJOHGPSNVMB
d * TC
I dev
j = VN *
360
XIFSF
*KEFWJOUFSFTUBDDSVFE SPVOEFEUPEFDJNBMQMBDFT
EVSJOHUIFQFSJPEK
5$BOOVBMJOUFSFTUSBUFPOUIFDPVQPO
7/GBDFWBMVFPGUIFTFDVSJUZJO.9/
EEBZTQBTTFECFUXFFOUIFJTTVBODFEBUFPSMBTUJOUFSFTUQBZNFOU K
XIJDIFWFSJTBQQMJDBCMF BOEUIFWBMVBUJPOEBUF
5IFHFOFSBMGPSNVMBGPSWBMVJOHUIFTFCPOETJTBTGPMMPXT
K
d
P = C j * F j + F k * VN C1 * 1
N1
j =1
XIFSF
1DMFBOQSJDFPGUIFCPOE SPVOEFEUPEFDJNBMQMBDFT

7/GBDFWBMVFPGUIFTFDVSJUZJOQFTPT
,OVNCFSPGDPVQPOTQFOEJOHMJRVJEBUJPO JODMVEJOHDVSSFOUDPVQPO
EOVNCFSPGEBZTQBTTFEJOUIFDVSSFOUDPVQPOQFSJPE
/KQFSJPEJOEBZTPGDPVQPOK
CKDPVQPOK XIJDIJTPCUBJOFEBTGPMMPXT
NJ*TC
Cj=VN *
360
5$BOOVBMDPVQPOJOUFSFTUSBUF
'KEJTDPVOUGBDUPSGPSKDBTIŢMPX0CUBJOFEVTJOHUIFGPSNVMB
1
FJ = d
j-
Nj
[ ]
N1
1–rj*
360
SKSFMFWBOUJOUFSFTUSBUFGPSEJTDPVOUJOHDPVQPOK
)FODF .#0/04UPUBM EJSUZ

QSJDFJTEFUFSNJOFECZUISFFEJŇFSFOUFMFNFOUTUIFQSFTFOUWBMVFPGUIFDPVQPOT
UIFQSFTFOUWBMVFPGUIFQSJODJQBMBOEUIFJOUFSFTUBDDSVFEPOUIFDVSSFOUDPVQPO*UJTBMTPPCTFSWFEUIBUFBDI
PGUIFDPVQPOTBOEUIFQSJODJQBMBSFEJTDPVOUFEBUBEJŇFSFOUJOUFSFTUSBUFGPSFBDIEJTDPVOUGBDUPS BOEJUJT
UIFSFGPSFOFDFTTBSZUPLOPXPSUPBTTVNFBZJFMEDVSWFJOPSEFSUPEJTDPVOUFBDIPGUIFN
*ONBOZNBSLFUT TFDVSJUJFTXJUIUIFDIBSBDUFSJTUJDTPG.#0/04BSFRVPUFECZUIFJSZJFMEUPNBUVSJUZ :5.

5IJTDBOCFEFŢJOFEBTUIFSFUVSOXIJDIUIFJOWFTUPSXJMMPCUBJOJGIFEFDJEFTUPIPMEUIFTFDVSJUZVOUJMNBUVSJUZ
5PEFUFSNJOFUIFQSJDFPGBO.#0/0 PODFJUTZJFMEPONBUVSJUZJTLOPXO JUJTOFDFTTBSZUPEJTDPVOUBUUIF
TBNFSBUFBMMUIFDBTIŢMPXTPGUIFJOTUSVNFOU DPVQPOTBOEQSJODJQBM

,OPXJOHUIFTFDVSJUZT:5. GPSNVMB
JTTJNQMJŢJFETJODFUIFSBUFTSKVTFEUPEJTDPVOUUIFWBSJPVTDBTIŢMPXT
CFDPNFUIFTBNFJOBMMEJTDPVOUGBDUPST$POTFRVFOUMZ JG:5.JTLOPXOBOEUIFQFSJPEJOEBZTPGBMMDPVQPOT
JTBTTVNFEUPCFFRVBM UIFPSJHJOBMGPSNVMBNBZCFFYQSFTTFEBTGPMMPXT
1 1 VN
c+c* − K −1
+ K −1
R R * 1+ R 1+ R d
P= d
C* 2
1− 182
1+ R 182
XIFSF
SSFUVSOPOBOOVBMNBUVSJUZ
Mexico 2011
182 * TC 182
C = VN * R =r*
360 360
Example
"OJOWFTUPSXJTIFTUPQVSDIBTFBMPOHUFSNŢJYFEJOUFSFTUJOTUSVNFOUBOEEFDJEFTUPJOWFTUJOŢJYFESBUF.#0/04
0O+VOFUI UIFGFEFSBMHPWFSONFOUJTTVFT.#0/04XJUIUIFGPMMPXJOHDIBSBDUFSJTUJDT
s 'BDFWBMVF.9/
s *TTVBODFEBUF+VOFUI
s .BUVSJUZEBUF+VOF
s .BUVSJUZQFSJPE EBZT
s $PVQPOSBUF
s $PVQPOQFSJPEEBZT
0O+VMZ UIFGFEFSBMHPWFSONFOUEFDJEFTUPBVDUJPO.#0/04UPCFJTTVFEPO+VOFUI 5IFMJRVJEBUJPO
EBUFPGUIFTFDVSJUJFTJT+VMZUI0OUIBUMJRVJEBUJPOEBUF UIFTFDVSJUJFTXJMMCF EBZTTIPSUPGNBUVSJUZBOE
EBZTXJMMIBWFQBTTFEJOUIFŢJSTUDPVQPOQFSJPE5IFTFDVSJUZXJMMCFBVDUJPOFEJOUIFTBNFXBZBTJUXBTQMBDFE
XIFOJTTVFE OBNFMZBUJUThDMFBOQSJDFv OFUPGJOUFSFTUBDDSVFE
TPUIBUJOUFSFTUBDDSVFEPOUIFŢJSTUDPVQPONVTU
CFBEEFEUPUIFBMMPDBUJPOQSJDFUPDBMDVMBUFUIFMJRVJEBUJPOPGSFTVMUT
-FUVTTVQQPTFUIBUUIFJOWFTUPSXJTIFTUPQBSUJDJQBUFJOUIFBVDUJPOPGUIFTFTFDVSJUJFTQSFTFOUJOHBCJEXIJDIJT
FRVJWBMFOUUPBOBOOVBMSFUVSOPG UPŢJOEUIFDPSSFTQPOEJOHDMFBOQSJDFGPSNVMB
JTBQQMJFE
1 1 VN
4.4084 + 4.084 5
+ 5
0.0455 0.0455 1.0455 1.0455 21
P= 16 1 18 2
4.4084 * = $ 99. 273359
1.0455 18 2
5IFJOWFTUPSQSFTFOUTBCJEPGJOIJTBQQMJDBUJPOGPSFBDITFDVSJUZXIJDIIFJTXJMMJOHUPQVSDIBTF
"TTVNJOHUIBUIJTCJEJTBMMPDBUFE PO+VMZUIFJOWFTUPSXJMMIBWFUPQBZGPSFBDITFDVSJUZ
21 * 0. 0872
$= 99. 273359 + I dev = $ 99. 273359 + 100 * $ 99. 782026
360
*O DPODMVTJPO JU JT PG QBSBNPVOU JNQPSUBODF UP DBSFGVMMZ DPOTJEFS JO BEWBODF UIF QSJDF PG .#0/04 XIFO
QVSDIBTFE BT MPOHUFSN ŢJYFESBUF JOTUSVNFOUT TJODF B DIBOHF JO QSFWBJMJOH NBSLFU DPOEJUJPOT DPVME SFTVMU JO
TJHOJŢJDBOUMPTTFT
3.3.2. UDIBONOS (OTC)

Description
6%*#0/04 BSF .FYJDBO 'FEFSBM (PWFSONFOU %FWFMPQNFOU #POET %FOPNJOBUFE JO *OŢMBUJPO *OWFTUNFOU 6OJUT
6OJEBEFTEF*OWFSTJÑOPS6%*
5IFTFCPOETPŇFSBSFUVSOXIJDIQSPUFDUTJOWFTUPSTBHBJOTUJOŢMBUJPO QBZJOHB
SFUVSOJOSFBMUFSNTFBDITFNFTUFSCBTFEPOBSFBMŢJYFEJOUFSFTUSBUFXIJDIJTEFUFSNJOFEPOUIFJTTVFEBUFPGFBDI
TFDVSJUZ5IFZBSFSFDPNNFOEFEBTBNFEJVNBOEMPOHUFSNBTTFUJOWFTUNFOU
6%*#0/04BSFJEFBMGPSJOTUJUVUJPOBMJOWFTUPSTTVDIBTJOTVSBODFDPNQBOJFT QFOTJPOBOESFUJSFNFOUGVOET TJODF
UIFTFTFDVSJUJFTBMMPXTBWJOHTHSPXUIJOSFBMUFSNTGPSOBUJPOBMT6%*#0/04BSFBWBJMBCMFJOUIFTFDPOEBSZNBSLFU
XIJDIFOBCMFTUIFJSTFMMQSJPSUPNBUVSJUZ
)PXFWFS TPNFESBXCBDLTDPVMECFIJHIMJHIUFE5IFOPNJOBMSFUVSOJTTFBTPOBM TJODFJUEFQFOETPOOPOTFBTPOBM
BEKVTUFE$1*WBSJBUJPOTXIFOJOŢMBUJPOEJNJOJTIFT TPEPFTUIFSFUVSO UIFSFGPSFJUDPVMEJNQMZIJHIPQQPSUVOJUZ
DPTUT"MTP BTBOZPUIFSMPOHUFSNJOTUSVNFOU MJRVJEJUZQSPCMFNTNBZBSJTFJODBTFPGTIBSQNBSLFUDPSSFDUJPOT
5IF #BODP EF .ÈYJDP DPNQVUFT UIF 6%* CBTFE PO UIF CJXFFLMZ JOŢMBUJPO JOEFY SFMFBTFE UXJDF B NPOUI XJUI
Mexico 2011
EBZTMBH
0OUIFUIBOEUIPGFBDINPOUI UIF#BODPEF.ÈYJDPUBLFTJOUPBDDPVOUUIFQSJPSEBZ$1*
WBSJBUJPOBOEVOJGPSNMZQSPKFDUTUIFMFWFMPGUIF6%*GPSUIFOFYUEBZT PSVOUJMUIFOFYUEBZPG6%*DPNQVUBUJPO

Issuer: Mexican Federal Government, via the Banco de México
Amount: Variable issuance, according to a quarterly calendar
Face value: 100 UDIS
Maturity: They can be issued for any tenor, provided it accounts for
182-day coupons. Current issuances are 3, 5, 10 and 30 years
Ticker symbol: UDIBONOS are not fungible because they have a different fixed
real interest rate. The identification code is a letter “S” followed by
a space and then a six-figure maturity date (yy/mm/dd). E.g. a
10-year UDIBONO maturing on June 13, 2019 is: “S190613”
Placement: Primary auction
Interest payment period: UDIBONOS pay interest in MXN every six months (182 days)
Interest rate: Fixed by the federal government upon issuance of the securities
and is specified to investors in the primary auction
Return: The return in domestic currency on the UDIBONOS depends on
acquisition price, interest rate (coupon) corresponding to 182
days, value of UDIS and capital gains obtained on the difference
between acquisition price and sell price
Amortization: Single bullet payment on maturity, face value of the securities
converted into domestic currency
Conversion to domestic currency: Placement and payment is in MXN which is converted at the value
of the UDI released on the day of payment
Secondary market: UDIBONOS may be listed in the secondary market at Yield To
Maturity (YTM). In trading, the amount is expressed in current
pesos, but at settlement the amount is actualized through UDI
exchange rate in relation to face value
Bloomberg Tickers: “MUDI Govt”; “UDI Curncy”
Further references: http://www.banxico.org.mx/sitioingles/portalesEspecializados/
tasasInteres/auctplacesec.html
http://www.banxico.org.mx/politica-monetaria-e-inflacion/estadis-
ticas/inflacion/indices-precios.html (for UDI statistics)
Mexico 2011
Formula (clean price)
182 1 1 1
Tc * * 1+ − c −1
+ c −1
360 182 182
Tr *
360 Tr * * 1 + Tr * 182 1 + Tr * 182
360 360 360
P= DCV
* VN
1 + Tr * 182 PCV
360
XIFSF
1QSJDFPGPOF6%*#0/0JO6%*4
5DDPVQPOSBUFFYQSFTTFEJOBOOVBMUFSNT
5SSFBM:5.FTQSFTTFEJOBOOVBMUFSNT
$OVNCFSPGDPVQPOTMFGUUPSFEFFN
%$7EBZTUPNBUVSJUZJODVSSFOUDPVQPO
1$7QFSJPEPGDVSSFOUDPVQPO
7/GBDFWBMVFPGB6%*#0/0
7/"O7/6%*O
XIFSF
7/"OGBDFWBMVFBEKVTUFEJOQFTPTUPEBZhOv
7/GBDFWBMVF 6%*4

6%*OWBMVFPGUIF6%*BUEBZhOv
OSFGFSFODFEBZ
Examples
"OJOTVSBODFDPNQBOZXBOUTUPQVSDIBTFBTFDVSJUZUIBUQSPWJEFTBSFUVSOBCPWFJOŢMBUJPO BOEUIFSFGPSFEFDJEFT
UPBDRVJSF 6%*#0/04NBUVSJOHJO EBZT XJUIBDPVQPOSBUFPG DPVQPOTGPSSFEFNQUJPO
EBZTUPSFEFFNUIFDVSSFOUDPVQPOBOEBSFBMSBUFPG
8FSFQMBDFUIFEBUBJOQSFWJPVTGPSNVMB UPDBMDVMBUFUIFQVSDIBTFQSJDFBTGPMMPXT
182 1 1 1
7 .0 % * * 1+ − 6 −1
+ 6 −1
360 7.5% * 182 7.5% * 182 * 1 + 7.5% * 182 1 + 7 .5% * 182
360 360 360 360
P= 150
* 100
1 + 7.5% * 182 182
360
5IFSFGPSF UIF QSJDF PG UIF 6%*#0/0 JT 6%*4 5IF WBMVF PG UIF 6%* PO UIF EBUF PG QVSDIBTJOH UIF
6%*#0/0JT.9/ TPUIBUUIFQSJDFQFSTFDVSJUZJTFRVBMUPUIF.9/SFTVMUJOHGSPNNVMUJQMZJOH
UIFQSJDFPG6%*#0/0CZUIFWBMVFPGUIF6%* 6%*4.9/QFS6%*

5IFDPNQBOZSFDFJWFTBDPVQPOQBZNFOU EBZTMBUFS FRVBMUP.9/QFSTFDVSJUZ XIJDIJTUIFSFTVMU
PGNVMUJQMZJOHUIFGBDFWBMVFPGUIFTFDVSJUZ 6%*4
CZUIFEBZSFGFSFODFSBUF
BOEUIFOCZUIFWBMVF
PGUIF6%*4POUIFDPVQPOSFEFNQUJPOEBUF .9/

.9/.9/
"GUFSEBZT EBZTQSJPSUPNBUVSJUZPGUIF6%*#0/0
XJUIDPVQPOTVOUJMNBUVSJUZBOEEBZTBDDSVFE
JOUFSFTUPOUIFDVSSFOUDPVQPO UIFJOWFTUPSEFDJEFTUPTFMMUIFTFDVSJUJFTBUBSFBMSBUFPG3FQMBDJOHUIFEBUB
JOQSFWJPVTGPSNVMB UIFQSJDFJT6%*45IFWBMVFPGUIF6%*4POTFMMEBUFJT.9/ UIFSFGPSFUIF
JOWFTUPSTFMMTFBDITFDVSJUZBU.9/ XIJDIJTUIFSFTVMUPGNVMUJQMZJOHUIFTFMMQSJDFPGUIF6%*#0/0
CZUIFWBMVFPGUIF6%*4 JF
Mexico 2011
182 1 1 1
7 .0 % * * 1+ < +
360 7.5% *182 7.5% *182 * 1 + 7.5% *182
5<1
1 + 7.5% *182
5<1
360 360 360 360
P * 100
150
1 + 7.5% * 182 182
360
.9/.9/
4VNNBSJTJOH UIFDBTIŢMPXTBSFBTGPMMPXT
1VSDIBTFPG 6%*#0/04TFDVSJUJFT.9/ .9/
$PVQPOQBZNFOU.9/ .9/
4FMMPG 6%*#0/04TFDVSJUJFT.9/ .9/
5PEFUFSNJOFUIFOPNJOBMSFUVSOPOUIFJOWFTUNFOU XFOFFEUPDBMDVMBUFUIFJOUFSOBMSBUFPGSFUVSO *33
BU
EBZTVTJOHUIFŢMPXTJOUIFBCPWFUBCMF5IVT
$ 5,934 . 1 $ 168 ,956. 973

0 = MXN $ 154 ,161 ,713 + 150
+
TIR * 182 182 TIR * 182
1+ 1+
360 360
4PMWJOHGPS5*3 XFPCUBJOBOPNJOBMSFUVSOPGGPSEBZT
5PWFSJGZUIBUJOFŇFDUUIFSFBMSBUFPCUBJOFEXBT XFEJTDPVOUFEUIFOPNJOBMSFUVSO FŇFDUJWFJOŢMBUJPOBT
GPMMPXT
26 .76% − 182
1+
360 360
T.real = −1 * = 7 .5 %
1.697768 182
1.552272
"TWFSJŢJFEBCPWF UIFJOWFTUPSPCUBJOFEBSFBMSFUVSOPGPOIJTJOWFTUNFOU UIFNBJOWJSUVFPGUIF6%*#0/04

CFJOHUIBUUIFZFOTVSFBOBCPWFJOŢMBUJPOJODSFBTFJOUIFJOWFTUNFOU
3.3.3. Sovereign Bonds: UMS (OTC)

Description
6OJUFE.FYJDBO4UBUFT4PWFSFJHO#POET 6.4
BSFŢJYFEJODPNFJOTUSVNFOUTJTTVFECZUIFGFEFSBMHPWFSONFOUJO
JOUFSOBUJPOBMDBQJUBMNBSLFUT&BDIJTTVBODFIBTTQFDJŢJDDIBSBDUFSJTUJDT UFSN DVSSFODZDPVQPOT FUD
6.4CPOET
BSFQSFGFSSFECZGPSFJHOJOWFTUPSTPWFSPUIFS-BU"NJTTVFSTEVFUPUIFJSJOWFTUNFOUHSBEFTUBUVTBOEMJRVJEJUZ
-JLFNBOZDPVOUSJFTJO-BUJO"NFSJDB .FYJDPJTTVFEBTJ[FBCMFBNPVOUPGFYUFSOBMEFCUJOUIFTBOET*O
UIFXBLFPGUIFDSJTJT TFWFSBMEFCUSFTUSVDUVSJOHQSPHSBNTIBEUPCFVOEFSUBLFO ŢJSTUUISPVHICBOLMPBOTXJUI
NPSFGBWPVSBCMFDPOEJUJPOTGPSUIFDPVOUSZ CVUXJUIMJNJUFEBDDFTTUPEFCUDBQJUBMNBSLFUT5IJTCBDLHSPVOEMFE
UPBOPWFMQSPHSBNUIBUSFQMBDFECBOLMPBOTXJUICPOEJTTVBODFTUPGBDJMJUBUFUIFSFUVSOPGDBQJUBMJOŢMPXTUPXBSET
-BUJO"NFSJDB5IJTJOJUJBUJWF XBT UIF CSBJODIJME PG UIF UIFO 644FDSFUBSZPGUIF5SFBTVSZ /JDIPMBT #SBEZ BOE
XBTXJEFMZBDDFQUFECZEFCUPSTBOEDSFEJUPSTBMJLF TJODFJUHFOFSBUFENVUVBMCFOFŢJUT5IVTCFHBOUIFFSBPGUIF
#SBEZ#POET"HBJOTUUIJTCBDLESPQ JUXBTJO.BSDIXIFO.FYJDPJNQMFNFOUFEUIFSFTUSVDUVSJOHBHSFFNFOU
Mexico 2011
PGJUTFYUFSOBMEFCUXJUICBOLJOHDSFEJUPST UISPVHIXIJDIBTJHOJŢJDBOUQPSUJPOPGUIFEFCUXBTDPOWFSUFEJOUPUXP
EJŇFSFOUDPNQPOFOUT
h%JTDPVOUv#SBEZ#POETXIJDIPŇFSFEBEJTDPVOUPOUIFJSQSFWJPVTGBDFWBMVFBOEBWBSJBCMFJOUFSFTU
SBUF PG CBTJT QPJOUT PWFS -*#03 SFWJTBCMF FWFSZ TJY NPOUIT BOE GPS BO BNPVOU PG 64%
NJMMJPO
h1BSv #SBEZ #POET XJUIPVU EJTDPVOU CVU BU B GJYFE JOUFSFTU SBUF PG BOE GPS BO BNPVOU PG
64% NJMMJPO
#PUICPOETXFSFJTTVFEGPSBZFBSQFSJPE NBUVSJOHPO%FDFNCFSTU 5IFSFXFSFUXPUZQFTPGHVBSBOUFF
POFPONPOUITPGJOUFSFTUQBZNFOUT UISFFDPVQPOT
BOEBOPUIFSHVBSBOUFFJOHUIFQSJODJQBMDPWFSFEXJUI
64% NJMMJPOJO[FSPDPVQPO645SFBTVSZ#POET BMTPNBUVSJOHBGUFSZFBST5IFTFCPOETBMTPQSPWJEFE
UIFJSIPMEFSTXJUIhWBMVFSFDPWFSZSJHIUT vBDUJOHBTXBSSBOUTPOUIFQSJDFPG.FYJDBOPJMJOUIFFWFOUUIBUDFSUBJO
MFWFMTXFSFFYDFFEFE UIVTBMMPXJOHIPMEFSTUPCFOFŢJUGSPNUIFJODSFBTFJOPJMQSJDFT
*O"QSJM UIFGFEFSBMHPWFSONFOUPŇFSFE#SBEZ#POEIPMEFSTUIFPQQPSUVOJUZUPFYDIBOHFUIFTFJOTUSVNFOUT
GPS B OFX (MPCBM #POE NBUVSJOH JO LOPXO BT 6.4
5IF 6.4 CPOE EJE OPU JODMVEF UIF DPMMBUFSBM
HVBSBOUFFPG64USFBTVSZCPOET BOEUIF.FYJDBO(PWFSONFOUBTTVNFEBMMUIFSJTL5IFSFGPSF 6.4CPOETQBZ
BMBSHFSDPVQPOUIBO#SBEZ#POET
Mexico: Long-Term Foreign Public Debt: UMS and

Foreign Currency Debt Total (% GDP and outstanding)
S&P´s Fitch Moody´s 58.7
48.8 51.1
BBB dic-09 BBB nov-09 Baa1 ene-05 46.5
42.5
36.1 42.7 38.6
BBB+ oct-07 BBB+ sep-07 Baa2 feb-02 37.0
34.7
BBB ene-05 BBB dic-05 Baa3 mar-00 12.4
13.0 13.9 12.8 8.7 8.7 10.0
BBB- feb-02 BBB- ene-02 Ba1 feb-00 11.4 10.8 7.8
6.2 6.0 7.0 6.7 6.7

BB+ mar-00 BB+ may-00 Ba1 ago-99 5.7 5.5
3.6 4.1
3.2
BB feb-95 BB abr-00 Ba2 jun-99 00 01 02 03 04 05 06 07 08 09
UMS (% GDP) Total (% GDP)
BB+ jul-92 BB ago-95 Ba2 feb-99 Outstanding (USD billions)
/PUFTEBSLCMVFEPXOHSBZVQBOECMBDLOFVUSBM 4PVSDF##7"3FTFBSDIXJUI4)$1EBUB
4PVSDF##7"3FTFBSDIXJUI#MPPNCFSH
*O.BZBOE+VOF UIFHPWFSONFOUBOOPVODFEUIFFBSMZBNPSUJ[BUJPOPG#SBEZ#POET 64%CJMMJPO

UISPVHI
XIJDIUIFHPWFSONFOUDPNQMFUFMZTFUUMFEJUTGPSFJHOQVCMJDEFCUBTTPDJBUFEXJUIUIFSFOFHPUJBUJPOPGUIFT
5PŢJOBODFQBSUPGUIFPQFSBUJPO UIFGFEFSBMHPWFSONFOUQMBDFEUXPHMPCBMCPOETXJUINBUVSJUJFTPGBOE
ZFBSTUPUBMMJOH64%CJMMJPOBOEQBZJOHDPVQPOTPGBOE SFTQFDUJWFMZ'VSUIFSNPSF UIFTFJTTVBODFT
JODMVEFEUIF$PMMFDUJWF"DUJPO$MBVTFT $"$
XIJDIGBDJMJUBUFUIFSFOFHPUJBUJPOQSPDFTT JGOFDFTTBSZ
Mexico 2011
UMS: Portfolio Diversification

by Currency (% total) UMS: Portfolio Duration (years)
8.9 8.6
7.2 7
JPY
CHF; 1%
5% 4.6
GBP; 2%
EUR 9% 83%
2.1
USD
USD EUR GBP CHF JPY Weigth

Avg.
4PVSDF##7"3FTFBSDIXJUI4)$1EBUB 4PVSDF##7"3FTFBSDIXJUI4)$1EBUB
5IFGFEFSBMHPWFSONFOUIBTDIBOHFEUIFQSPŢJMFBOEDPNQPTJUJPOPGJUTFYUFSOBMEFCUDPOTJEFSBCMZ BOEIBTFWFO
SFEVDFEJUTUPUBMBNPVOUWJBWBSJPVTPQFSBUJPOTUIBUIBWFFOBCMFEUIFNBUVSJUZQFSJPEUPCFFYUFOEFE HVBSBOUFFT
UP CF SFEVDFE BOE ŢJOBODJOH DPTUT UP EJNJOJTI $POTFRVFOUMZ UPUBM GPSFJHO QVCMJD EFCU IBT CFFO TJHOJŢJDBOUMZ
SFEVDFEGSPNPG(%1JOUPPG(%1 64%CJMMJPO
JOBOEJO 64%CJMMJPO

5PUBMPVUTUBOEJOH6.4EFCUTUPPEBUPGUPUBMGPSFJHOQVCMJDEFCUCZUIFFOEPG
UMS: Portfolio Diversification UMS: Portfolio

by Currency (% total) Diversification by Rate (% total)
2.8 2.5 2.1 2.0 1.0 0.2 7.4 7.9 7.9 3.7 2.8 2.9 2.9 22.1 21.5 13.5 7.7 3.9 4.0 4.5 3.5 3.6 4.2 0.5 0.2 0.2
5.6 5.4 4.7 4.8
7.2 7.9 9.7 9.0 3.1 1.9
15.2
9.2
10.4
12.3
18.6
18.4
16.7
9.0
11.3
14.5
16.2
15.2
17.7
78.5
92.3
96
96.5
95.8
99.8
77.9
86.5
96.1
95.5
96.4
99.5
99.8
76.0
80.5
82.0
70.5
78.9
76.7
73.8
73.8
77.7
80.1
81.7
83.1
75.1
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
USD EUR JPY Other Fixed-Rate Floating-Rate
4PVSDF##7"3FTFBSDIXJUI4)$1EBUB 4PVSDF##7"3FTFBSDIXJUI4)$1EBUB
Mexico 2011
UMS characteristics
Guarantee: Federal government
Amount & currencies: Variable in US dollars (mainly), Euro, JPY, and other currencies
Placement: Global markets
Guarantee: Mexican Federal Government
Maturity: The yield curve is complete, with maturity periods ranging from six
months to 30 years, and they are among the most liquid emerging
bonds while their financial characteristics have made it a reference for
private debt issuances in foreign currency
Issue price: The notes may be issued at par, or at a premium over, or discount to,
par and either on a fully paid or partially paid basis
Coupon: Half-yearly or yearly payments based on the US Treasury Bond yield
plus a Mexican sovereign risk premium
Yield: UMS could pay a fixed or floating coupon rate. In the latter case, the
base rate could be the CD Rate, Commercial Paper Rate, EURIBOR,
LIBOR, Federal Funds Rate, Treasury Rate, or any other
Redemption, repurchase In some cases, Mexico has the option to redeem or discretionarily
and early repayment: repurchase in whole or in part any note under contract terms
Taxes: Subject to exceptions, Mexico makes all payments on the notes without
withholding or deducting any Mexican taxes
)FSFGPMMPXTBTVNNBSZPGUIF6.4JTTVBODFTPVUTUBOEJOHVQUP+VMZ
Bloomberg Amount Issue Year to

Ticker ISIN Maturity Outstanding date Aturity Duration Coupon
EC503543 Corp US91086QAH11 14-Jan-12 864,137,000 14-Jan-02 1.49 1.41 7.500
EC816262 Corp US91086QAK40 16-Jan-13 1,191,414,000 16-Jan-03 2.50 2.33 6.375
EF285422 Corp US9108M0AB33 15-Feb-13 3,030,000 24-Feb-06 2.58 2.38 5.100
ED177627 Corp US91086QAQ10 15-Jan-14 1,291,108,000 14-Oct-03 3.50 3.20 5.875
EH722075 Corp US91086QAX60 17-Feb-14 1,500,000,000 17-Feb-09 3.59 3.20 5.875
EC880518 Corp US91086QAL23 3-Mar-15 1,343,649,000 3-Mar-03 4.63 3.99 6.625
TT330484 Corp US593048BA88 15-Sep-16 1,681,197,000 24-Sep-96 6.17 4.72 11.375
EF312914 Corp US91086QAU22 15-Jan-17 3,500,000,000 10-Mar-06 6.51 5.56 5.625
EH664032 Corp US91086QAW87 19-Mar-19 3,000,000,000 23-Dec-08 8.69 6.87 5.950
EC366269 Corp US593048BN00 30-Dec19 1,352,366,000 30-Mar-01 9.47 7.09 8.125
EI 106006 Corp US91086QAY44 15-Jan-20 2,000,000,000 15-Jan-10 9.52 7.67 5.125
EC 690671 Corp US91086QAJ76 24-Sep-22 714,348,000 24-Sep-02 12.22 8.43 8.000
ED301508 Corp XS0184889490 6-Feb-24 476,526,000 9-Feb-04 13.59 9.12 6.750
TT325005 Corp US593048AX90 15May-26 338,580,000 7-May-96 15.87 9.37 11.500
EC434486 Corp US91086QAG38 15Aug-31 1,641,047,000 13-Aug-01 21.14 11.48 8.300
EC933575 Corp US91086QAN88 8-Apr-33 1,105,207,000 11-Apr-03 22.79 12.28 7.500
ED626293 Corp US91086QAS75 27-Sep-34 3,333,444,000 27-Sep-04 24.27 12.92 6.750
EH154466 Corp US91086QAV05 11-Jan-40 3,250,000,000 11-Jan-08 29.57 14.65 6.060
Mexico 2011
'MPBUJOH3BUF/PUFT '3/
*1"##POET
#1" #1"5 #1"

Description
#BOLEFQPTJUQSPUFDUJPOCPOETBSFMPOHUFSNDSFEJUTFDVSJUJFTQBZJOHJOUFSFTUFWFSZEBZT #1"T
EBZT #1"5T

PSEBZT #1"T
5IFJOUFSFTUSBUFGPSUIFTFTFDVSJUJFTDBOCFBEKVTUFEXJUIJOUIFTBNFQFSJPE
5IF *OTUJUVUF GPS #BOL %FQPTJU *OTVSBODF *1"#
JTTVFT UIFTF CPOET JO PSEFS UP NFFU JUT QBZNFOU PCMJHBUJPOT
QSPWJEFMJRVJEJUZUPJUTTFDVSJUJFT BOEJNQSPWFJUTEFCUNBUVSJUZQSPŢJMF5IFSFJTBCSPBECBTFETFDPOEBSZNBSLFU
GPSUIFTFTFDVSJUJFT5PEBZ JUJTQPTTJCMFUPDBSSZPVUPVUSJHIUTFMMT SFQVSDIBTFBHSFFNFOUT SFQPT
BOETFDVSJUJFT
MFOEJOHUSBOTBDUJPOT
Issuer: Institute for Bank Deposit Insurance (IPAB)
Calendar: The IPAB provides advance notice of its calendar of issuances on a quarterly basis.
The Bank of Mexico issues notification of the auction of BPAs and BPATs on the
Friday preceding the placement date
Guarantee: Federal government
Placing agent: Banco de México
Amount: Variable
Face value: MXN100
Maturity: - BPAs can be issued for any term multiple of 28 days (28-day CETES as the
coupon reference). So far, only 1- to 3-year maturities have been issued.
- BPATs can be issued for any term multiple of 91 days (91-day CETES as the
coupon reference). So far, only 5-year (1820-day) maturities have been issued.
- BPA182s can be issued for any term multiple of 182 days (182-day CETES as the
coupon reference). So far, only 7-year (2548-day) maturities have been issued
Interest rate: - For BPAs, the interest rate is the rate of return on 28-day CETES as determined
in a primary auction.
- For BPATs, the interest rate is the rate of return on 91-day CETES as determined
in a primary auction. Interest is payable every 91 days or during an alternate
period in the event of any non-trading days.
- For BPA182s, the interest rate is composed of a market reference rate determined
at the beginning of each interest period, and an option for protection against
inflation
Reference rate: - The reference rate is the rate of return on 28, 91, and 182-day CETES issue in a
primary auction.
Inflation protection: - Whenever the percentage increase of an inflation-indexed investment unit (UDI)
over the interest period is greater than the 182-day CETE return, the security
pays the holder the reference rate, plus an inflationary premium (difference
between the percentage increase in the UDI value and the reference return).
$POUJOVFEPOOFYUQBHF
Mexico 2011

Yield: The yield is referenced to the face value of the securities and the interest rate
accrued on the acquisition value of the securities. When an issuance is purchased
at maturity, the return is a capital gain, plus the net interest paid while the security
was held. When a transaction is performed prior at maturity, the return is the capital
gain between the acquisition price and the sell price, plus the net interest for each
of the monthly periods
Interest payment: - BPAs: every 28 days on face value
- BPATs: every 91 days on face value
- BPA182s: every 182 days on face value
Payment At maturity
of principal:
Placement: In primary auction (these securities are currently auctioned on Wednesdays)
Deposits under Custody is performed by Indeval, which in turn deposits the securities in the central
management: deposits of the Banco de México
Intermediation: Banks and brokerage houses
Secondary market: IPAB bonds may be traded on the secondary market based on their clean price or
their yield at maturity
Ticker symbol: - BPAs: “IP” plus six digits for the maturity date: year, month, and day
(i.e. “IP110804” for a BPA maturing on 4 August 2011)
- BPATs: “IT” plus six digits for the maturity date: year, month, and day
(i.e. “IT150702” for a BPAT maturing on 2 July 2015)
- BPA182: “IS” plus six digits for the maturity date: year, month, and day
(i.e. “IS170629” for a BPA182 maturing 29 June 2017)
Official reference: http://www.banxico.org.mx/sitioingles/portalesEspecializados/tasasInteres/
auctplacesec.html
Formula for BPAs
8IFSF
11SJDFPG*1"#CPOE
%'DVQ%BZTMFGUPODVSSFOUDPVQPO
%53"/DVQ%BZTFMBQTFEJODPVQPOQFSJPE
5DVQ$PVQPOSBUF
451SFNJVN
$5-BTULOPXOSBUF $&5&4

//VNCFSPGDPVQPOTUPCFSFEFFNFE
Mexico 2011
Formula for BPATs

CT
1-
CT + ST CT Tcup * 91
N 1
+ +
CT + ST * 91 CT + ST 360
+1
360 Tcup * DTRANcup
P = 100 * DFcup
360
CT + ST * 91 91
+1
360
8IFSF
11SJDFPG*1"#CPOE
5DVQ$PVQPOSBUFEFŢJOFEBUBXFFLMZBVDUJPO
451SFNJVN
$5-BTULOPXOSBUFJOUIFNBSLFU EBZ$&5&4

Formulas for BPA182s

Protection against Inflation (PaI)
UDI J N NJ 360
PaI = J
1 CT 182 J
UDI J1 360 Nj
8IFSF
6%*+/+6%*WBMVFDPSSFTQPOEJOHUPUIFQBZNFOUEBZPGDPVQPO+
6%*+6%*WBMVFDPSSFTQPOEJOHUPUIFŢJSTUEBZPGDPVQPO+
/K6%*5FSNPGDPVQPO+JOEBZT
$5182KEBZ$&5&JOUFSFTUSBUFJTTVFEJOUIFQSJNBSZBVDUJPOBUUIFCFHJOOJOHPGDPVQPO+
CT
1-
CT + ST CT Tcup * 182
N 1
+ +
CT + ST * 182 CT + ST 360
+1
360 Tcup * DTRANcup
P = 100 * DFcup
<
360
CT + ST * 182 182
+1
360
8IFSF
11SJDFPG*1"#CPOE
5DVQ$PVQPOSBUFEFŢJOFEBUBXFFLMZBVDUJPO
451SFNJVN
UDI J N 360
CT = max CT 182 J , J
1
UDI J1 Nj
Example of BPAs
"O JOWFTUPS JOUFSFTUFE JO PCUBJOJOH B HPPE SFUVSO XJUIPVU NBLJOH B EJSFDUJPOBM CFU PO JOUFSFTU SBUFT XJTIFT UP
QVSDIBTFBMPOHUFSNJOTUSVNFOUPŇFSJOHBŢMPBUJOHJOUFSFTUSBUF5IFJOWFTUPSUIFSFGPSFEFDJEFTUPJOWFTUJO#1"T
Mexico 2011
5IF JOWFTUPS EFDJEFT UP BDRVJSF PO UIF TFDPOEBSZ NBSLFU #1" TFDVSJUJFT XJUI EBZT UP NBUVSJUZ
USBEJOHBUBQSFNJVNPGQFSDFOUBHFQPJOUT XJUIDPVQPOSFWJTJPOFWFSZEBZT TJNJMBSUPUIFXBZ#1"5TBSF
DBMDVMBUFE XJUISFQSJDJOHFWFSZEBZT
5IFSFBSFDPVQPOTMFGUUPSFEFFNBOEEBZTIBWFFMBQTFEJOUIF
DVSSFOUDPVQPOQFSJPE5IFSFBSFEBZTUPNBUVSJUZBOEUIFSBUFQBJEJT DPVQPOSBUF
5IFMBTULOPXO
SFGFSFODFSBUFJT EBZ$&5&4JOUIFQSJNBSZBVDUJPO

"QQMZJOHUIFDMFBOQSJDFGPSNVMB UIFVOJUQSJDFPGUIF*1"#CPOETJTPCUBJOFEBTGPMMPXT
8.06%
³ 1- µ
8.06% + 0.78% 8.06% 6.89% * 28
³ (38 <1) + + µ
³ £ (8.06% + 0.78% )* 28 ¥ 8.06% + 0.78% 360 µ
³ ²² + 1´´ µ
¤ 360 ¦ 6.89% * 14
P = 100 * ³ £ 14 ¥
< µ
³ 360 µ
³ £
²
(8.06% + 0.78% ) * 28 ¥
+ 1´´
²² 28 ´´
¤ ¦ µ
³ ² 360 µ
³ ¤ ¦ µ
³ µ

5IFDMFBOQSJDFPGFBDITFDVSJUZJTBTGPMMPXT
1.9/
5IJTJTUIFQSJDFPGFBDI*1"#CPOE XJUIPVUJOUFSFTU
5IJTQSJDFNVTUCFJODSFBTFECZUIFJOUFSFTUUIFJOWFTUPSXJMMSFDFJWFPOUIFOFYUDPVQPOBNPSUJ[BUJPODPSSFTQPOEJOH
UPUIFEBZTJOXIJDIIFEJEOPUPXOUIFTFDVSJUJFT BDDSVFEJOUFSFTU
5IFJOUFSFTUPOUIFEBZTJT
£ 6.89% * 14 ¥
interest ²² ´´ * 100 = $0.267944
¤ 360 ¦
$POTFRVFOUMZ UIFJOWFTUPSXJMMIBWFUPQBZ QFSTFDVSJUZ

%JSUZQSJDF.9/.9/
%JSUZQSJDF.9/
5IJTJTUIFQSJDFQBZBCMFGPSFBDITFDVSJUZ$POTFRVFOUMZ UIFUPUBMBNPVOUQBZBCMFCZUIFJOWFTUPSGPSUIF
TFDVSJUJFTJT
5PUBMBNPVOUQBZBCMF.9/
5IJTJTUIFBNPVOUUIFJOWFTUPSXPVMEQBZUPBDRVJSF *1"#CPOETFDVSJUJFTPOUIFTFDPOEBSZNBSLFU
/PX JNBHJOF UIBU EBZT BGUFS BDRVJSJOH UIF TFDVSJUJFT UIF JOWFTUPS EFDJEFT UP TFMM TFDVSJUJFT PO UIF
TFDPOEBSZNBSLFUUPDPWFSIJTDBTIOFFET5IFTFDVSJUJFTBSFUSBEJOHBUBQSFNJVNPG BOEUIFZBSFEVF
UPNBUVSFJO EBZT XJUIDPVQPOTQFOEJOHBNPSUJ[BUJPO4FWFOEBZTIBWFFMBQTFEJOUIFDVSSFOUDPVQPO
QFSJPE BOE EBZT SFNBJO UP NBUVSJUZ 5IF MBTU LOPXO SFGFSFODF SBUF JT BOE UIF DVSSFOU DPVQPO SBUF JT
5IFDMFBOVOJUTFMMQSJDFPGUIFTFDVSJUJFTJTDBMDVMBUFEBTGPMMPXT
8.15%
³ 1- µ
8.15% + 0.67% 8.15% 6.80% * 28
³ (37 <1) + + µ
³ £ (8.15% + 0.67% )* 28 ¥ 8.15% + 0.67% 360 µ
³²² + 1´
¤ 360 ´
¦ 6.80% * 7 µµ
P = 100 * ³
£ 21 ¥
<
³ 360 µ
£ (8.15% + 0.67% )* 28
² ´
³ ¥²¤ 28 ´¦ µ
²² + 1´´
³ ¤ 360 ¦ µ
³ µ
³ µ

5IFDMFBOVOJUTFMMQSJDFGPSFBDITFDVSJUZJT.9/
Mexico 2011
5IJTQSJDFNVTUCFJODSFBTFECZUIFJOUFSFTUGSPNUIFEBZTPGUIFDVSSFOUDPVQPOEVSJOHXIJDIUIFJOWFTUPS
PXOFEUIFTFDVSJUJFT
6.80% * 7
interest = * 100 = $0.132222
360
$POTFRVFOUMZ GPSFBDITFDVSJUZUIFJOWFTUPSXJMMSFDFJWF
%JSUZQSJDF.9/.9/
%JSUZQSJDF.9/
5IJTJTUIFQSJDFUIFJOWFTUPSXJMMSFDFJWFGPSFBDITFDVSJUZIFTFMMT
*GUIFJOWFTUPSTFMMT PGUIF TFDVSJUJFTPXOFE IFXJMMSFDFJWFBUPUBMPG.9/
5IJTZJFMETBDBQJUBMHBJOPG.9/
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QSFWBJMJOH DPOEJUJPOT JO UIF TFDPOEBSZ NBSLFU UIFSF JT B SJTL UIBU JOWFTUPST NBZ FJUIFS HBJO PS MPTF PO UIFTF
JOWFTUNFOUT
Mexico 2011
*OUFSFTU3BUF%FSJWBUJWFT
General Background
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*OUFSFTU
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*OŢMBUJPO 6%*
EBZ$&5&4SBUF BOE.#0/04SBUFT5IFSFBSFBMTP$SPTT$VSSFODZ#BTJT4XBQT $$#4
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JOWPMWFUIFFYDIBOHFPGQSJODJQBMBOEDPVQPOTEFOPNJOBUFEJOEJŇFSFOUDVSSFODJFT
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s 5IF#BOLGVOEJOHSBUFJTBXFJHIUFEBWFSBHFGPSPOFEBZSFQPBOEPOFEBZPVUSJHIUUSBOTBDUJPOTXJUICBOL
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*OUFSFTU3BUF4XBQT5**&*34 05$

"O*OUFSFTU3BUF4XBQ *34
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TUSFBNFYDIBOHFJTUIFQBZNFOUPGBŢJYFEJOUFSFTUSBUFGPSŢMPBUJOHSBUFSFGFSFODFEUPUIFEBZ5**&
5XPUZQFTPGPQFSBUJPONBZCFQFSGPSNFEJOUIJTNBSLFU
s h1BZvŢJYFEJOUFSFTUSBUFBOEh3FDFJWFvŢMPBUJOHJOUFSFTUSBUF CVZUIF4XBQ

s h1BZvŢMPBUJOHJOUFSFTUSBUFBOEh3FDFJWFvŢJYFEJOUFSFTUSBUF TFMMUIF4XBQ

Analysis
h1BZ'JYFEv hSFDFJWFŢMPBUJOHv
.BUFSJBMJTFTUIFWJFXUIBUSBUFTXJMMSJTF BOEUIFGMPBUJOHSBUFXJMMUIFSFGPSFFYDFFEUIFDVSSFOUGJYFESBUFJO
UIFGVUVSF
h1BZ'MPBUJOHv h3FDFJWF'JYFEv
.BUFSJBMJTFTUIFWJFXUIBUJOUFSFTUSBUFTXJMMGBMM BOEUIFŢMPBUJOHSBUFXJMMUIFSFGPSFGBMMTIPSUPGUIFDVSSFOUŢJYFESBUF
JOUIFGVUVSF
Mexico 2011
Example
Floating for Fixed IRS
"DPNQBOZQBZTEBZ5**&POBMPBO GPSBQFSJPEPGZFBS JFDPVQPOT FBDIEBZT
5IFDVTUPNFSFYQFDUT
EBZ5**&UPSJTF BOEEFDJEFTUPIFEHFUIJTSJTLCZFOUFSJOHJOUPB9*34 UIJSUFFODPVQPOTBQQSPYJNBUFMZ
NPOUIT

Costumer Expectations
Rate
Saving
Fixed rate
TIIE 28
Time
Customer Expectations
s /PUJPOBM8FBTTVNFUIBUJUJTFRVBMUPUIFMPBOBNPVOU
s 5IFDVSSFOUEBZT5**&JT
s 5IFQVSDIBTFBOETBMFPGBO*34YJOUIFNBSLFUJT #*% QBZT
0''&3 SFDFJWFT
JF UIFNBSLFU
JTXJMMJOHUPQBZFWFSZEBZTJOFYDIBOHFGPSSFDFJWJOHEBZT5**&XJUIUIFTBNFGSFRVFODZ PS JOUIF
FWFOU UPSFDFJWFŢMPXTDBMDVMBUFEBUBSBUFPGJOFYDIBOHFGPSQBZJOHBUUIFSBUFPGEBZT5**&
*OMJOFXJUIJUTFYQFDUBUJPOTBOEQSFGFSFODFT UIFDPNQBOZQSFGFSTUPQBZJOBŢJYFETUSFBNSBUIFSUIBOUIF
EBZT5**&SBUF TPUIBUJOFBDIBOEFWFSZPOFPGUIFDPVQPOTPGEBZT IFXJMMQBZBOESFDFJWFUIF
EBZT5**&'PSUIFŢJSTUDPVQPO UIFDVTUPNFSXJMMSFDFJWFUIFDVSSFOUEBZT5**&PGJOEBZT XIJDIXJMMPŇTFU
UIFMPBOQBZNFOUT
BOEJOUVSOUIFDVTUPNFSXJMMQBZUIF4XBQTFMMFS
Floating for Fixed IRS

Receives
Pays TIIE 28 Floating 28d TIIE
IRS
Creditor Client
Intermediary
Pays fixed
7.90%
8JUIPVUUIJTBHSFFNFOU UIFDMJFOUXPVMEIBWFQBJEEBZ5**&

8JUIUIJTIFEHF UIFDMJFOUQBZT
"EEJUJPOBMQBZNFOU
"GUFSEBZT JOUIFSFWJTJPOPGUIFE5**&SBUF UIFMBUUFSJODSFBTFEBTUIFDPNQBOZIBEFYQFDUFEBOEJTBUMFWFMT
Mexico 2011
PG)PXFWFS EVFUPUIFIFEHJOH UIFDVTUPNFSXJMMPOMZIBWFUPQBZXIBUIFPSJHJOBMMZFOWJTBHFE

BOEUIFSFXJMMUIFSFGPSFCFBEJŇFSFODFJOIJTGBWPVS
8JUIPVUDPWFSBHF UIFDMJFOUXPVMEIBWFQBJEEBZT5**& 9.3650%

8JUIDPWFSBHF UIFDMJFOUJTQBZJOH 7.9000%
4BWJOH
PSBEEJUJPOBMQBZNFOU
EJŇFSFODF

0OUIJTPDDBTJPO UIFEBZT5**&QFSGPSNFEJOMJOFXJUIUIFDMJFOUTFYQFDUBUJPOTIFODFIFJTTBWJOHPG
BOOVBMJOUFSFTUSBUFGPSBQFSJPEPGEBZTPOUIFBNPVOUDPOUSBDUFE*OUIFPQQPTJUFTDFOBSJP BEFDMJOFPGE
5**&PWFSUJNF
UIFDMJFOUIBTUIFBEWBOUBHFPGEJTQFMMJOHUIFVODFSUBJOUZPOIJTGVUVSFJOUFSFTUQBZNFOUTBOEDBTI
ŢMPXCVEHFU
'PMMPXJOHUIFFYBNQMF BIZQPUIFUJDBMQFSGPSNBODFPGUIFEBZT5**&BHSFFNFOUJTEFUBJMFECFMPX-FUVTBTTVNF
UIBUUIFDVTUPNFSBHSFFTUIF*34SBUFPO+BOVBSZ XIFOUIFEBZT5**&XBTBUBOEBHSFFTUPBMFWFMPG
TPUIBUBTUIFEBZQFSJPETFMBQTFUIFEBZT5**&MFWFMJTSFDPSEFE
Savings or Payments of the 28 days TIIE agreement

1st coupon 2nd coupon 3rd coupon 4th coupon
TIIE 28: 7.55% 9.3650% 8.80% 6.50%
With coverage 7.90% 7.90% 7.90% 7.90%
Saving (+) or additional payment (-): -0.35% 1.4650% 0.90% -1.40%
5th coupon 6th coupon 7th coupon 8th coupon
TIIE 28: 7.95% 8.20% 8.53% 7.85%
With coverage 7.90% 7.90% 7.90% 7.90%
Saving (+) or additional payment (-): 0.05% 0.30% 0.63% -0.05%
9th coupon 10th coupon 11th coupon 12th coupon
TIIE 28: 7.50% 9.20% 8.30% 7.99%
With coverage 7.90% 7.90% 7.90% 7.90%
Saving (+) or additional payment (-): -0.40% 1.30% 0.40% 0.09%
13th coupon
TIIE 28: 8.30%
With coverage 7.90%
Saving (+) or additional payment (-): 0.40%
*OUIJTFYBNQMF DVTUPNFSFYQFDUBUJPOTXFSFNFUPOPVUPGSFWJTJPOT BOEUIFZUIFSFGPSFXPVMEIBWFPCUBJOFE

QSPŢJUTCZVTJOHJOUFSFTUSBUFTXBQT
Mexico 2011
28d TIIE performance over agreement life

10.3000
1st coupon
9.8000
9.3650
9.3000 9.2000
8.8000 8.8000
8.2000 8.5300
8.3000 8.3000
7.9500 7.8500 8.3000 7.9900
7.8000
7.5500 7.90% Agreed Fixed
7.3000 7.5000 rate of IRS 13x1
6.8000 Starts IRS
13x1 6.5000
6.3000
2-Jan
2-Feb
2-Mar
2-Apr
2-May
2-Jun
2-Jul
2-Aug
2-Sep
2-Oct
2-Nov
2-Dec
2-Jan
4PVSDF##7"3FTFBSDI.ÈYJDPBOE##7"#BODPNFS
$SPTT$VSSFODZ4XBQT 05$
5**&ũ-JCPS 6%*ũ5**& BOE
6%*ũ-JCPS
Definition
$SPTTDVSSFODZTXBQT $$4
JOWPMWFUIFFYDIBOHFPGBTFSJFTPGDBTIŢMPXTJOPOFDVSSFODZ GPSBTFSJFTPGQBZNFOUT
JOBOPUIFSDVSSFODZ5IFDPOEJUJPOTBOEGSFRVFODZPGTXBQQBZNFOUTBSFBHSFFEJOBEWBODFCZUIFQBSUJFT5IF
$$4NBZCFTFUBUBŢJYFESBUFGPSŢJYFESBUF ŢJYFEGPSŢMPBUJOH BOEWJDFWFSTB
PSŢMPBUJOHGPSŢMPBUJOH*OSFDFOU
ZFBST UIFSF IBT CFFO JODSFBTJOH EFNBOE GPS UIJT UZQF PG PQFSBUJPO 5IFZ BMMPX UIF TVCTUJUVUJPO PG EFCU ŢMPXT
QSJODJQBMBOEPSJOUFSFTUQBZNFOUT
GSPNPOFDVSSFODZUPBOPUIFSBOEFWFOGSPNPOFJOUFSFTUSBUFUZQFUPBOPUIFS
ŢJYFEGPSŢMPBUJOHBOEWJDFWFSTB
5IJTUZQFPGTXBQTBSFHFOFSBMMZUSBOTBDUFE05$ PWFSUIFDPVOUFS
JFCFUXFFO
DPVOUFSQBSUJFT TJODFUIFZBSFDPOUSBDUTUBJMPSFEUPDVTUPNFSTSFRVJSFNFOUT8IFO$$4BSFUSBEFE UIFCVZFSBOE
TFMMFSBHSFFPOUIFhSFGFSFODFBNPVOUv UIFhOVNCFSPGDPVQPOTv UIFhNBUVSJUZEBUFvPGUIFPQFSBUJPO /PUJPOBM
BNPVOUT FYDIBOHFTPGUIFQSJODJQBM BNPSUJ[BUJPOT XIFSFBQQMJDBCMF
FUD
5IFSFJTBSFMBUJWFMZTUBOEBSEJ[FE05$NBSLFUGPS64%.9/DSPTTDVSSFODZTXBQT5IFSFJTIJHIMJRVJEJUZBOEGBJSMZ
DPNQFUJUJWFRVPUFTGPSDPOTUBOUNBUVSJUJFTUIBUSBOHFGSPNNPOUITUPZST
Participants: Mexicans or foreign nationals
Reference amount: Variable, agreed by the parties
Trading hours: 07:30 AM to 2 PM (GMT -6:00)
Period: Variable, established in line with customer needs.
Principal is usually exchanged at inception and at maturity at
spot rate
Exchange rate USD and MXN
Rate: Fixed and/or floating, any combination
Mexico 2011
The most liquid maturities

Instrument TERM Days to maturuty Instrument details:
3x1 3 Month 84 MXN leg USD leg
6x1 6 Month 168 Index TIIE28 LIBOR1M
9x1 9 Month 252 Coupon 28 day roll 28 day roll
13x1 1 Year 364 Rate convention ACT/360 ACT/360
26x1 2 Year 728 Holidays MEX + NY MEX + NY
39x1 3 Year 1092 Holiday convention Following Following
52x1 4 Year 1456 Initial & Final exchange YES YES
65x1 5 Year 1820
91x1 7 Year 2548
130x1 10 Year 3640
195x1 15 Year 5460
260x1 20 Year 7280
360x1 30 Year 36400
4PVSDF##7"3FTFBSDI
Types of operation
a) TIIE – Libor Swaps
" DSPTT DVSSFODZ CBTJT TXBQ JOWPMWFT BO FYDIBOHF PG ŢMPBUJOH SBUFT JO CPUI 64% -JCPS
BOE .9/ 5**&
5IF
RVPUBUJPOSFQSFTFOUTUIFCBTJTQPJOUTUIBUBSFVTFEBTTQSFBEPWFS-JCPSBTFRVJWBMFOUUP5**&$PVQPOTBSFQBJE
FWFSZEBZT "$5 BOEBSFQIZTJDBMMZFYDIBOHFE.BUVSJUJFTHPVQUPZFBST
Example:
" DVTUPNFS JTTVFT : EFCU EFOPNJOBUFE JO 64% BU -JCPS 5IF DVTUPNFST GVODUJPOBM DVSSFODZ JT UIF .9/ BOE
IF UIFSFGPSF XJTIFT UP USBOTGPSN UIJT MJBCJMJUZ JOUP .9/ UIVT IFEHJOH BHBJOTU FYDIBOHF SJTL 5IF PQFSBUJPO JT
TUSVDUVSFEBTGPMMPXT
TIIE-Libor Swaps
Inception US $ 1mn*12.5
US $ 1mn =MXN12.5mn
Investors Customer Bank
USD Bonds US $ 1mn
Coupons Libor +/-

Libor 28 +/- spread
spread
TIIE 28
Maturity
US $ 1mn
US $ 1mn
US $ 1mn*12.8 *Exchange at maturity

=MXN12.8mn* is made at initial spot
Mexico 2011
b) Inflation Swaps
5IFNFYJDBOJOŢMBUJPOTXBQNBSLFUPŇFSTUXPUZQFTPGJOTUSVNFOUTŢJSTUJOŢMBUJPOJOEFYTXBQQFEGPSEBZ5**&
BOE TFDPOE JOŢMBUJPO JOEFY TXBQQFE GPS -JCPSN 5IFTF JOTUSVNFOUT PŇFS HSFBU PQQPSUVOJUJFT UP FOHBHF JO
.FYJDBOJOŢMBUJPOCFUT CSFBLFWFOJOŢMBUJPOCFUT BSCJUSBHFCFUXFFOGVOEJOHTPVSDFT JTTVJOHJOŢMBUJPOJOEFYFEEFCU
BOETXBQQJOHJUUPOPNJOBMSBUFEFCU
BOEBIFEHFGPS6%*#0/04'PSBEFUBJMFEEFUFSNJOBUJPOPGUIF6%*TFF
DIBQUFS
UDI – Libor Swaps
5IJTTUSVDUVSFJOWPMWFTBOFYDIBOHFPG64%ŢMPBUJOHSBUFTGPS.9/SFBMSBUFT ŢJYFESBUFQMVTJOŢMBUJPO
5IFRVPUBUJPO
SFQSFTFOUTUIFŢJYFESBUFUIBUJTQBJEJO.9/BEKVTUFEGPS6%*$PVQPOTBSFQBJETFNJBOOVBMMZ DPOWFOUJPOJT
"$5GPSCPUIMFHT BOEQBZNFOUTBSFQIZTJDBMMZFYDIBOHFE.BUVSJUJFTHPVQUPZFBST
The Most Liquid Maturities

UDI/LIBOR
Term Days to Maturity Instruments datails:
1 Year 360 UDI leg USD leg
3 Year 1080 Index Fixed real rate LIBOR 6M
5 Year 1800 Fixing date N/A T-2
7 Year 2520 Coupon SEMI ANNUAL SEMI ANNUAL
10 Year 3600 Rate Convention ACT/360 ACT/360
15 Year 5400 Holiday MEX DF + NY MEX DF + NY
20 Year 7200 Holiday convention Modfol Modfol
Initial exchange YES YES
Final exchange YES YES
Example:
"NVMUJOBUJPOBMDPSQPSBUFJTTVFTSFBMSBUFCPOETJO.FYJDP 6EJCPOPT
IPXFWFS HJWFOUIBUNPTUPGJUTSFWFOVFT
BSFEFOPNJOBUFEJO64% NBOBHFNFOUEFDJEFTUPTXBQJOUP64%5IFPQFSBUJPOJTTUSVDUVSFEBTGPMMPXT
UDI-Libor Swaps
Udibonos MXN 100mn,
Inception UDIS 22.6mn, MXN 100mn/12.5=
UDI=4.420042 US $ 8mn
Udibonos Udibonos MXN100mn,
UDIS 22.6mn,
UDI=4.420042
Coupons
Udibono Fixed rate
Udibono Fixed rate
Libor
Maturity
UDIS 22.6mn
UDIS 22.6mn
UDIS 22.6mn*UDI/spot* *Exchange at maturity
is made at prevailing
USDUDI
Mexico 2011
UDI – TIIE Swaps

6%*ũ5**&JOWPMWFTBOFYDIBOHFPG.9/GPS6%*EFOPNJOBUFEEFCU JFOPNJOBMŢMPBUJOHSBUFGPSSFBMŢJYFESBUF
5IF
RVPUBUJPOSFQSFTFOUTUIFŢJYFESBUFUIBUJTQBJEJO.9/BEKVTUFEGPS6%*GPSOPNJOBMŢMPBUJOH5**&$PVQPOTBSFQBJE
TFNJBOOVBMMZ DPOWFOUJPOJT"$5GPSCPUIMFHT BOEQBZNFOUTBSFQIZTJDBMMZFYDIBOHFE.BUVSJUZQFSJPEJT
VQUPZFBST
The Most Liquid Maturities

UDI/TIIE
Term Days to Maturity Instruments datails:
1 Year 364 UDI leg MXN leg
3 Year 728 Index Fixed real rate TIIE
5 Year 1820 Fixing date N/A T-1
7 Year 2548 Coupon 182 day roll 28 dat roll
10 Year 3640 Rate Convention ACT/360 ACT/360
15 Year 5460 Holiday MEX DF MEX DF
20 Year 7280 Holiday convention Following Following
Initial exchange NO NO
Final exchange YES YES
Example:
"DVTUPNFSXJTIFTUPFYDIBOHFIJTOPNJOBMEFCUUPSFBMSBUFTBTIJTJOŢMBUJPOFYQFDUBUJPOTBSFMPXFSUIBOUIPTF
JNQMJFEJOUIF6%*#0/04DVSWF5IFPQFSBUJPOJTTUSVDUVSFEBTGPMMPXT
UDI-TIIE Swaps
Inception MXN 100mn/4.420042

MXN Bounds =UDI 22.6mn
MXN 100mn MXN 100mn,
Coupons
TIEE
TIIE
Udibono Fixed rate
Maturity
MXN 100mn
MXN 100mn
UDIS 22.6mn*UDI* *Exchange at maturity
is made at prevailing
UDI
c) Asset Swap (combination of instruments)

"O BTTFU TXBQ JOWPMWFT UIF TBNF NFDIBOJD PG B QMBJO WBOJMMB TXBQ XJUI UIF EJŇFSFODF UIBU UIF VOEFSMZJOH PG
UIF DPOUSBDU JT BO BTTFU SBUIFS UIBO B MJBCJMJUZ *O UIJT TFOTF B CVZFS PG B EFCU TFDVSJUZ DPVME FYDIBOHF JU GPS B
TZOUIFUJDPOFXJUIEJŇFSFOUDIBSBDUFSJTUJDT JFŢJYFEGPSŢMPBUJOHSBUFBOEPS64%GPS.9/
XJUIUIFPCKFDUJWFPG
Mexico 2011
FJUIFSFOIBODJOHZJFME JFCZUBLJOHBEWBOUBHFPGBOBSCJUSBHFPQQPSUVOJUZ
PSDSFBUJOHBTFUPGDBTIŢMPXTUIBU
DPVMECFVOBWBJMBCMFEJSFDUMZJOMPDBMNBSLFUT*O.FYJDP JOWFTUPSTVTVBMMZCVZ64%CPOETBOEFYDIBOHFUIFNGPS
.9/TFDVSJUJFT
Example:
"DVTUPNFSPXOTBCPOEJO64%BUBŢJYFEJOUFSFTUSBUFBOEIFFYQFDUTUIFQFTPUPBQQSFDJBUF UIVTEFDSFBTJOH
IJTSFUVSO5IFDVTUPNFSNJHIUNBLFUIFTUSBUFHJDEFDJTJPOUPIFEHFUIFFYDIBOHFSJTLCZTXBQQJOHIJTEPMMBS
EFOPNJOBUFEEFCUJOUPQFTPTFJUIFSBUBŢJYFEPSŢMPBUJOHJOUFSFTUSBUF
Asset Swap
Inception
US $ 10mn US $ 10mn
Bond Investor Bank
issuer USD Bonds US $ 10mn*12.5=
MXN12.5mn
Coupons
TIEE+/-spread
US fixed Rate
Bond Investor Bank
issuer US fixed rate
Maturity US $ 10mn*12.5=
MXN 12.5mn
Bond US $ 10mn
Customer Bank
issuer
US $ 10mn *Exchange at maturity
is made at initial spot
*OUFSFTU3BUF'VUVSFTBOE#POE'VUVSFT
Description
*OUFSFTU3BUF'VUVSFTBSFJOTUSVNFOUTUSBEFEPOUIF.FYJDBO%FSJWBUJWFT&YDIBOHF .&9%&3
UPIFEHFBHBJOTU
BEWFSTFWBSJBUJPOTJOUIFNPOFZBOECPOENBSLFU5IJTJTEPOFUPQSPUFDUJOWFTUNFOUT UPTFUBEFCUDPTU PSUP
EJTQFMVODFSUBJOUZ$VSSFOUMZ JOUFSFTUSBUFGVUVSFTPQFSBUFEPOUIF.&9%&3BSFUIFEBZ$&5&4 EBZ5**&BOE
UIF BOEZFBSŢJYFESBUF.#0/04 DBMMFE. .BOE.

.&9%&3JTUIFMPDBMEFSJWBUJWFTFYDIBOHF XIFSFTUBOEBSEJTFEDPOUSBDUTBSFOFHPUJBUFE)PXFWFS EFSJWBUJWFTNBZ
CFUSBEFEPVUTJEFUIJTNBSLFU JOh0WFS5IF$PVOUFSv 05$
PQFSBUJPOT VOEFSNPSFŢMFYJCMFUFSNTPGWPMVNFBOE
NBUVSJUZJOPSEFSUPGVMŢJMUIFOFFETPGFBDIDVTUPNFS*UJTXPSUIOPUJOHUIBUhUBJMPSNBEFDPOUSBDUTvIBWFIJHIFS
DSFEJUSJTL TJODFDPNQMJBODFMBSHFMZEFQFOETPOUIFDPVOUFSQBSUZTTPMWFODZ5IJTJTPOFPGUIFNBJOEJŇFSFODFT
XJUIPSHBOJTFENBSLFUT TVDIBTUIF.&9%&3 XIJDIFNQMPZUIFTFSWJDFTPGBDMFBSJOHIPVTF "4*(/"JOUIFDBTF
PG.&9%&3
UIVTNJOJNJTJOHDSFEJUSJTL
5ZQFT PG PQFSBUJPO 8IFO QFSGPSNJOH GVUVSFT PQFSBUJPOT PO EBZ $&5&4 EBZ 5**& PS BOE ZFBS
.#0/04 UIFCVZFSBOETFMMFSXJMMTXBQXIPMFNVMUJQMFTPGTUBOEBSEJTFEDPOUSBDUTJOUFSNTPGBNPVOU DVSSFODZ
NBUVSJUZ EBUF BOE JOUFSFTU SBUF XIFO QBZNFOU JT QFSGPSNFE JO LJOE PS CZ EJŇFSFODFT JO NBSLFU QSJDF BOE UIF
BHSFFEQSJDF
Mexico 2011
4.3.1. 91-day CETES Futures (MEXDER)

MEXDER
Underlying security: 91-day CETES
Contract size: 1,000,000 MXN (10,000 CETES)
Delivery months: Monthly cycle for up to twelve months and quarterly cycle for up to 24
cycles (seven years). MEXDER is able to open different series in line with
market demand.
Ticker symbol: CE91 plus two letters for the month and two numbers for year of maturity
(i.e. CE91 JN10, June 2010)
Quotation: Rate of annualized yield expressed to two decimal places.
Minimum One basis point (0.01%) also called PUJA
fluctuation (Tick):
Trading hours: 07:30 to 14:15 hours Mexico City time (GMT -06:00)
Last trading day The day of the primary auction of the week of the third Wednesday of the
and maturity date: month of maturity.
Settlement date: Next business day after maturity date.
Interest rate or Agreed by the parties. Said interest rate of return must be expressed as an
price agreed: annual percentage on the basis of 360 days.
Delivery Method: By cash differences between the primary CETES 91 rate on the last day of
trading and the price agreed.
Daily Settlement:
Initial margin: It is the amount deposited by the customer in the clearing house (ASIGNA)
at the time of executing the first order. The aim is to guarantee coverage of
the variation margins while positions remain open.
Maintenance It is the minimum amount per contract which the customer must keep in the
margin: clearing house for open positions. MXN and CETES are accepted as collateral
(ensuring a maturity of less than one year).
Variation These are the debits and credits which the clearing house applies to the
margins: customer’s account in order to reflect the daily gain and/or loss resulting
from revaluing his contracts. Where the maintenance margin is lower than
the required amount, the clearing house will “call for margin” to the investor.
The customer may withdraw any surplus in the opposite situation (“margin
withdrawals”).
Bloomberg “MMDD <GO>” for MEXDER page, “MMDF <GO>” for MEXDER Future
Tickers: Contracts.
Further references: http://www.mexder.com.mx/MEX/home_ingles.html
Formula and examples (See section 4.3.2.)
Mexico 2011
4.3.2. 28-day TIIE Futures (MEXDER)

MEXDER
Underlying security: 28-day TIIE calculated by Banco de México
Contract size: MXN $ 100,000
Delivery months: Monthly cycle for up to five years (120 months). MEXDER is able to open dif-
ferent series for negotiation in line with market demand.
Ticker symbol: “TE28” plus two letters for the maturity month (EN, FB, MR, AB, MY, JN, JL,
AG, SP, OC, NV, DC) and two last digits of the maturity year (i.e.: “TE28 JN06”
for June 2006).
Quotation: The future rate is the annualized percentage rate of return, expressed in two
decimals.
Minimum fluctuation (Tick): One basis point (0.01%) also called PUJA
Trading hours: 07:30 to 14:15 hours Mexico City time (GMT -06:00)
Last trading day and The next business day before the primary auction on the third Wednesday
maturity date: of the maturity month.
Settlement day: Next business day after maturity date.
Interest rate or price agreed: Agreed by the parties. Said interest rate of return must be expressed as an
annual percentage on the basis of 360 days.
Delivery Method: By cash differences between the TIIE rate on the last trading day and the
price agreed.
Daily Settlement:
Initial margin: It is the amount deposited by the customer in the Clearing House (ASIGNA)
at the time of executing the first order. The aim is to guarantee coverage of
the variation margins while positions remain open.
Maintenance margin: It is the minimum amount per contract which the customer must keep in the
Clearing House for open positions. MXN pesos and CETES are accepted as
collateral (ensuring a maturity less than one year).
Variation These are the debits and credits which the Clearing House applies to the
margins: customer’s account in order to reflect the daily gain and/or loss resulting
from revaluing his contracts. Where the maintenance margin is lower than
the required amount, the Clearing House will “call for margin” to the investor.
The customer may withdraw any surplus in the opposite situation (“margin
withdrawals”).
Bloomberg “MMDD <GO>” for MEXDER page, “MMDF <GO>” for MEXDER Future
Tickers: Contracts.
Mexico 2011
Formula and examples (91-day CETES and 28-day TIIE futures)

*OUFSFTUSBUFGVUVSFTDPOUSBDUTBSFDMBTTJŢJFECBTFEPOUIFSJHIUTBOEPCMJHBUJPOTDPOGFSSFEVQPOQBSUJDJQBOUTJO
a. Buying interest rate futures
s 5IFCVZFSXJMMCFFOUJUMFEUPSFDFJWFGSPNUIFTFMMFS JOUIFFWFOUUIBUUIFhDVSSFOUvJOUFSFTUSBUFPOUIBUEBZ
JTMPXFSUIBOUIFhBHSFFEvJOUFSFTUSBUF BOBNPVOUJO.FYJDBOQFTPTGPSUIFDPOUSBDUFRVBMUPUIFBNPVOU
SFTVMUJOHGSPNNVMUJQMZJOHUIFhSFGFSFODFBNPVOUvCZGPSNVMB

s 5IFCVZFSXJMMCFPCMJHFEUPQBZUIFTFMMFS JOUIFFWFOUUIBUUIFhDVSSFOUvJOUFSFTUSBUFPOUIBUEBZJTIJHIFS
UIBOUIFhBHSFFEvJOUFSFTUSBUF BOBNPVOUJO.FYJDBOQFTPTCZDPOUSBDUFRVBMUPUIFBNPVOUSFTVMUJOH
GSPNNVMUJQMZJOHUIFhSFGFSFODFBNPVOUvCZGPSNVMB

b. Selling interest rate futures
s 5IFCVZFSXJMMCFFOUJUMFEUPSFDFJWFGSPNUIFTFMMFS JOUIFFWFOUUIBUUIFhDVSSFOUvJOUFSFTUSBUFPOUIBUEBZ
JTIJHIFSUIBOUIFhBHSFFEvJOUFSFTUSBUF BOBNPVOUJO.FYJDBOQFTPTCZDPOUSBDUFRVBMUPUIFBNPVOU
s 5IF CVZFS XJMM CF PCMJHFE UP QBZ UIF TFMMFS JO UIF FWFOU UIBU UIF hBDUVBMv JOUFSFTU SBUF PO UIBU EBZ JT
MPXFSUIBOUIFhBHSFFEvJOUFSFTUSBUF BOBNPVOUJO.FYJDBOQFTPTGPSUIFDPOUSBDUFRVBMUPUIFBNPVOU
5PSFEVDFSJTLPWFSUJNF EFSJWBUJWFTFYDIBOHFT .&9%&3

QFSGPSNEBJMZTFUUMFNFOU hNBSHJODBMMTv
XIFSFUIF
DPNQBSJTPOJTNBEFCFUXFFOUIFDMPTJOHSBUFPOBQBSUJDVMBSEBZBOEUIFDMPTJOHSBUFPOUIFQSFWJPVTEBZ XIJMF
UIFDVTUPNFSNBJOUBJOTIJTGVUVSFTDPOUSBDU
5IFTVNPGUIFTFEBJMZNBSHJOTJTFRVBMUPUIFBNPVOUPGTFUUMFNFOUPONBUVSJUZDBMDVMBUFECBTFEPOUIFGPMMPXJOH
GPSNVMB
r a r fix * n / 36000 r fixr a * n / 36000

(1) (2)
1 + r fix * n / 36000 fix
1 + r * n / 36000
8IFSF
SBBHSFFEJOUFSFTUSBUF
SŢJYBDUVBMJOUFSFTUSBUFPGEBZ$&5&4PSEBZ5**& XIFSFBQQMJDBCMF
OQFSJPEPG$&5&4 EBZT
PS5**& EBZT
XIFSFBQQMJDBCMF
Examples
5IFTFFYBNQMFTBSFVTFEJOUIF05$JOUFSFTUSBUFGVUVSFTNBSLFUBOENBZBMTPCFBQQMJDBCMFDPODFQUVBMMZGPS
.&9%&3DPOUSBDUT$MFBSJOHJTQFSGPSNFEEBJMZ
Buying interest rate futures
"OJOWFTUPSJTVODFSUBJOBCPVUIPXUPSFJOWFTUBTVSQMVTPG.9/ JOWJFXPGUIFQPTTJCJMJUZPGBOJOUFSFTU
SBUFDVU)FUIFSFGPSFEFDJEFTUPBDRVJSFBGVUVSFTQVSDIBTFDPOUSBDUGPSEBZ$&5&4JOUIF.&9%&3 NBUVSJOH
JOEBZTBUBOJOUFSFTUSBUFPG
5IFCBOLDIBSHFTUIFJOWFTUPSBDPNNJTTJPOGPSFOUFSJOHJOUPUIFGVUVSFTDPOUSBDU5IFDMFBSJOHIPVTF "4*(/"

BTLTUIFJOWFTUPSUPEFQPTJU.9/ BTBOJOJUJBMNBSHJO JOPSEFSUPHVBSBOUFFDPWFSBHFPGUIFWBSJBUJPO
NBSHJOT1
"TUIFDVTUPNFSFYQFDUFE XIFOUIFDPOUSBDUNBUVSFE JOUFSFTUSBUFTIBECFFODVU5IFXFJHIUFEJOUFSFTUSBUFPO
EBZ$&5&4JOQSJNBSZBVDUJPOXBT TPUIFJOWFTUPSSFDFJWFTDPNQFOTBUJPOGPSUIFSFEVDUJPOJOSFUVSO

5IFTFŢJHVSFTBTTVNFUIBUUIFSFJTOPHSFBUWPMBUJMJUZJOJOUFSFTUSBUFTBOEUIFSFGPSFBEEJUJPOBMNBSHJODBMMTBSFOPUSFRVJSFEEVSJOHUIFPQFSB
UJPO XIJDIXPVMEJNQMZIJHIFSDPTUPSIJHIFSQSPŢJU
Mexico 2011
5IFQSFTFOUEJŇFSFODFCFUXFFOUIFJOUFSFTUHFOFSBUFECZ.9/ BUUIFBHSFFESBUFPGBOEUIF

QVCMJTIFEEBZ$&5&4SBUFPGJTDBMDVMBUFEBTGPMMPXT
(7.80 < 7.50) * 91

2,000,000 * ³ 36000 µ = MXN$1,488.45pesos
³ 1 + 7.50 * 91 µ
3600
5IFDVTUPNFSXJMMUIFSFGPSFQVSDIBTF$&5&4BUCVUXJMMPCUBJOUIFIFEHFEJOUFSFTUSBUFPGBTGPMMPXT
Desired initial investment: MXN$ 2,000,000.00

(+) Compensation received in futures contract: MXN$ 1,488.44
(=) Total to be invested in 91-day CETES at 7.50% MXN$ 2,001,448.45
£ 7.50 * 91 ¥
2'001,448.44 * ²1 + ´=
¤ 36000 ¦
Future value of the investment: MXN$ 2,039,392.56
£ 2,039,392.56 ¥ £ 360 ¥
²² < 1´´ * ² ´=
¤ 2'000,000 ¦ ¤ 91 ¦
Rate of return 7.8%

5IFDVTUPNFSSFDFJWFTUIFJOJUJBMNBSHJO .9/
XIJDIIFEFQPTJUFEBUUIFPVUTFUPGUIFDPOUSBDUJO
PSEFSUPHVBSBOUFFDPWFSBHFPGWBSJBUJPONBSHJOT QMVTUIFJOUFSFTUHFOFSBUFEGSPNUIFDMFBSJOHIPVTF "4*(/"

XIFOUIFDPOUSBDUNBUVSFT5IFJOUFSFTUSBUFQBJECZUIFDMFBSJOHIPVTF "4*(/"
XBTBOOVBMMZGPSUIFEBZT
PGUIFDPOUSBDUTEVSBUJPO TPUIBUUIFJOWFTUPSSFDFJWFTPONBUVSJUZ
£ 4% * 25 ¥
10,000 * ²1 + ´ = MXN$10,027.78
¤ 360 ¦
"TTIPXOQSFWJPVTMZ UIFDVTUPNFSFOTVSFEJOBEWBODFBOJOUFSFTUSBUFPGBUEBZT)PXFWFS UIFPQQPTJUF

DPVMEIBQQFOOBNFMZBOJODSFBTFJOJOUFSFTUSBUFT*OUIJTDBTFUIFJOWFTUPSXJMMSFDFJWFBIJHIFSUIBOFYQFDUFE
SBUFPGSFUVSOPOIJTTBWJOHT CVUIFXJMMIBWFUPQBZUIFEJŇFSFODFGPSQVSDIBTJOHUIFGVUVSFPQUJPOUPPCUBJOUIF
BHSFFEJOUFSFTUSBUFPG)FXJMMUIVTPCUBJOUIFSFUVSOJOJUJBMMZFOWJTBHFEBOEXJMMOPUSFDFJWFBOZTVSQSJTFT
XJUISFTQFDUUPIJTPSJHJOBMQMBOT
Selling interest rate futures
" DPNQBOZ FYQFDUT JOUFSFTU SBUFT UP SJTF BOE UIFSFGPSF EFDJEFT UP EFUFSNJOF JO BEWBODF UIF DPTU PG B MPBO
BNPVOUJOHUP.9/ GPSBQFSJPEPGEBZTXIJDIJUXJMMSFRVFTUJOEBZT*UUIFSFGPSFTFMMTEBZ
5**&GVUVSFTPOUIF.&9%&3 XIJDINBUVSFJOEBZTBUBOJOUFSFTUSBUFPG
5IF DMFBSJOH IPVTF "4*(/"
BTLT UIF DPNQBOZ UP EFQPTJU .9/ BT BO JOJUJBM NBSHJO JO PSEFS UP
HVBSBOUFFDPWFSBHFPGWBSJBUJPONBSHJOT2.
"TUIFDVTUPNFSFYQFDUFE XIFOUIFDPOUSBDUNBUVSFEJOUFSFTUSBUFTIBESJTFO5IF5**&JOUFSFTUSBUFBUEBZT
QVCMJTIFECZ#BOLPG.FYJDPPOUIFDPOUSBDUTNBUVSJUZEBUFXBT BOEUIFDPNQBOZUIFSFGPSFSFDFJWFT
DPNQFOTBUJPO GPS UIF JODSFBTF JO SFUVSO 5IF QSFTFOU EJŇFSFODF CFUXFFO UIF JOUFSFTU HFOFSBUFE CZ .9/
BUUIFQVCMJTIFE5**&PGBOEUIFBHSFFESBUFPGJTDBMDVMBUFEBTGPMMPXT
(8.40 < 8.14) * 28

6,000,000 * ³ 3600 µ = MXN$1,205.45pesos
³ 1 + 8.40 * 28 µ
3600
5IBU JT UP TBZ UIF DPNQBOZ XJMM QBZ JUT MPBO BU UIF OFX DVSSFOU JOUFSFTU SBUF
CVU XJMM SFDFJWF UIF
2
5IFTFŢJHVSFTBTTVNFUIBUUIFSFJTOPHSFBUWPMBUJMJUZJOJOUFSFTUSBUFTBOEUIFSFGPSFBEEJUJPOBMNBSHJODBMMTBSFOPUSFRVJSFEEVSJOHUIFPQFSBUJPO
XIJDIXPVMEJNQMZIJHIFSDPTUPSIJHIFSQSPŢJU
Mexico 2011
BGPSFNFOUJPOFEDPNQFOTBUJPO FOBCMJOHJUUPSFEVDFUIFDPTUPGJUTŢJOBODJOHBOEPOMZEJTCVSTFUIFBNPVOUJOJUJBMMZ
BHSFFE*OPUIFSXPSET JUTDPTUXJMMCFPOMZUIFIFEHFEJOUFSFTUSBUFPG XIJDIXBTUIFSBUFJOJUJBMMZFOWJTBHFE
$BQJUBMJOUFSFTUQBZBCMFPOMPBONBUVSJUZBUNBSLFUSBUF

£ 1 + 8.40 * 28 ¥
6,000,000.00 * ² ´ = MXN$6'039,199.99
¤ 36000 ¦

DPNQFOTBUJPOSFDFJWFEPOGVUVSFTDPOUSBDU.9/

$PTUPGŢJOBODJOHVTJOHFOTVSFESBUF 5**&GVUVSF

£ 6,037,994.54 ¥ £ 360 ¥
²² < 1´´ * ² ´ = 8.14%
¤ 6,000,000.00 ¦ ¤ 28 ¦
5IFDPNQBOZSFDFJWFT UIFJOJUJBMNBSHJO .9/

XIJDIJUEFQPTJUFEBUUIFPVUTFUPGUIFDPOUSBDUJOPSEFS
UPHVBSBOUFFDPWFSBHFPGUIFWBSJBUJPONBSHJOT QMVTUIFJOUFSFTUHFOFSBUFE GSPNUIFDMFBSJOHIPVTF "4*(/"

XIFOUIFDPOUSBDUNBUVSFT5IFJOUFSFTUSBUFQBJECZ"4*(/"XBTGPSUIFEBZTPGUIFDPOUSBDUTEVSBUJPO
BOEPONBUVSJUZUIFDPNQBOZUIFSFGPSFSFDFJWFT
£ 4% * 25 ¥
10,000 * ²1 + ´ = MXN$10,027.77
¤ 360 ¦
"TTIPXOQSFWJPVTMZ UIFDPNQBOZFOTVSFEJOBEWBODFBOJOUFSFTUSBUFPGBUEBZT)PXFWFS UIFPQQPTJUF

NJHIUIBWFIBQQFOFEOBNFMZBGBMMJOJOUFSFTUSBUFT*OUIJTDBTF UIFDPNQBOZXPVMEQBZPŇUIFMPBOBUBMPXFS
UIBOFYQFDUFESBUF CVUXPVMEIBWFUPQBZUIFEJŇFSFODFGPSUIFGVUVSFTQVSDIBTFJOPSEFSUPPCUBJOUIFSBUF
PSJHJOBMMZBHSFFE5IFSFBSFUIFSFGPSFOPTVSQSJTFTXJUISFTQFDUUPXIBUXBTJOJUJBMMZFOWJTBHFE
4.3.3. MBONO Futures: 3, 10 and 20-year (MEXDER)

Underlying security: - M3: 3-Year Fixed Interest Rate Government Development Bonds (3-year
Bond)
- M10: 10-Year Fixed Interest Rate Government Development Bonds (10-year
Bond)
- M20: 20-Year Fixed Interest Rate Government Development Bonds (20-
year Bond)
Deliverable BONDS: Fixed Interest Rate Government Development Bonds, which throughout the
delivery period have a term of maturity of:
- M3: No less than 2 years (728 days) and no more than 3 years six months
(1,274 days).
- M10: No less than 7 years (2,730 days) and no more than 12 years (4,550
days).
- M20: No less than 17 years (6,188 days) and no more than 22 years (8,008
days).
- Physical delivery. Cheapest to deliver.
Contract size: 1,000 Bonds, equivalent to 100,000.00 MXN (one hundred thousand Mexican
pesos 00/100)
$POUJOVFEPOOFYUQBHF
Mexico 2011

Delivery months: Quarterly cycle for up to 12 cycles (3 years)
Ticker symbol: - “M3” plus two letters for the maturity month and two last digits of the
maturity year; e.g., “M3 DC10” (for December 2010).
- “M10” plus two letters for the maturity month and two last digits of the
maturity year; e.g., “M10 JN10” (for June 2010).
- “M20” plus two letters for the maturity month and two last digits of the
maturity year; e.g., “M20 SP10” (for September 2010).
Quotation: Mexican pesos.
Minimum 0.025 MXN
fluctuation (Tick):
Trading hours: 7:30 a.m. to 2:15 p.m. Mexico City time (GMT -06:00)
Last day of trading and The last trading day will be the third business day before the date of maturity
maturity date: of the series. The maturity date will be the last business day of the month of
maturity of the series.
Settlement day: In kind settlement according to the General Conditions for Futures Contracts.
Daily Settlement:
Initial margin: Amount that the customer must deposit with ASIGNA when executing the first
order. The aim is to guarantee coverage of variation margins while positions
are open.
Maintenance margin: The minimum amount per contract that the customer must keep in the account
with ASIGNA for open positions.
Variation Refers to the debits and credits that ASIGNA applies to the customer’s ac-
margins: count to reflect the daily gain and/or loss resulting from the daily revaluation
of contracts. “Margin calls” and “margin withdrawals” will take place relative
to maintenance margin.
Bloomberg “MMDD <GO>” for MEXDER page, “MMDF <GO>” for MEXDER Future Contracts
Tickers: “MAA <CMDTY> CT” for 3-year MBONO; “DWA <CMDTY> CT” for 10-year
MBONO; and “VYBA <CMDTY> CT” for 20-year MBONO
Formula
5IFEBJMZTFUUMFNFOUQSJDFJTFTUJNBUFEXJUIUIF$&5&4ZJFMEDVSWFVTJOHUIFGPMMPXJOHGPSNVMBT
£ M < t ¥
F (t ) = P (t )³1 + rM ² ´µ
¤ 360 ¦
8IFSF
' U
1SJDFPGUIFCPOEGVUVSFDPOUSBDU
1 U
1SJDFPGUIFCPOEPOEBZU
S.3BUFPGZJFMEPO.FYJDBO5SFBTVSZ#JMMT $&5&4
PCTFSWFEPOEBZU GPSUIFNBUVSJUZUFSNPGUIFGVUVSFT EFSJWFEGSPNUIF$&5&4ZJFMEDVSWF
TVQQMJFECZUIFQSJDFWFOEPS
.U/VNCFSPGEBZTUPNBUVSJUZPGUIFGVUVSFDPOUSBDU
Mexico 2011
4FUUMFNFOUQSJDFBUNBUVSJUZEBJMZTFUUMFNFOUQSJDF9DPOWFSTJPOGBDUPSBDDSVFEJOUFSFTU
1 1 VN
C+C – s -1
+ s -1
r r 1+ r 1+r d
Conversion factor = dl
C / 100
1
182
182
1+r
8IFSF
7/'BDFWBMVFPGUIFCPOE
4/VNCFSPGDPVQPOTUPCFTFUUMFE
$$PVQPOWBMVF
S*OUFSFTUSBUFVTFEUPEJTDPVOUUIFŢMPXTUIBUNVTUCFTFUUMFE
E/VNCFSPGEBZTFMBQTFEPODVSSFOUDPVQPO
Examples
"OJOWFTUPSEFDJEFTUPQVSDIBTF .#0/0GVUVSFTDPOUSBDUT .#0/04QFSDPOUSBDU
PO.&9%&3UIBU
XJMMNBUVSFJOEBZT5IFNJOJNVNJOJUJBMDPOUSJCVUJPOEFQPTJUFECZUIFJOWFTUPSJO"4*(/"JT.9/
.9/ QFS DPOUSBDU
(JWFO UIJT TJUVBUJPO UIFSF BSF CPOET PO UIF NBSLFU UIBU NFFU UIF CPOE CBTLFU
DPOEJUJPOT CPOETXJUINBUVSJUJFTCFUXFFOBOE EBZT
5IFNBSLFUEBUBJTBTGPMMPXT
MBono Futures
BOND 1 BOND 2 BOND 3 BOND 4
Coupon rate 9% 13.50% 10.50% 9.50%
Days to maturity 800 863 1038 1234
Return rate 6.80% 6.37% 6.53% 6.61%
Clean price MXN$104.4483 MXN$115.5989 MXN$110.2624 MXN$108.7214
Clean price at maturity MXN$103.76 MXN$114.1261 MXN$109.3253 MXN$107.9606
Conversion factor 0.947455 1.027802 0.966075 0.93432
Settlement price at maturity MXN$109.5145 MXN$111.0390 MXN$113.1644 MXN$115.5500
5IFGVOEJOHSBUFJOUIFNBSLFUJT(JWFOUIFTFNBSLFUDPOEJUJPOT UIFGVUVSFQSJDFJT.9/GPS#POE
XIJDIJTUIFDIFBQFTUUPEFMJWFS5IFGPMMPXJOHBSFUXPDPOUSBDUNBUVSJUZSBUFTDFOBSJPT
Scenario 1
5IFCPOETSFUVSOSBUFJODSFBTFTCZCBTJTQPJOUT5IFDBMDVMBUJPOTXPVMECFBTGPMMPXT
MBono Futures
Coupon rate 9% 13.50% 10.50% 9.50%
Days to maturity 729 792 967 1,163
Yield 7.80% 7.37% 7.53% 7.61%
Clean price on maturity MXN$102.1878 MXN$112.1961 MXN$107.0630 MXN$105.2840
Settlement price on maturity MXN$107.8551 MXN$109.1612 MXN$110.8227 MXN$112.6852
5IF GVOEJOH SBUF JO UIF NBSLFU JT (JWFO UIFTF ŢJOBM DPOEJUJPOT UIF JOWFTUPS SFDFJWFT #POE DIFBQFTU UP
EFMJWFS
BOEXJMMUIFSFGPSFJODVSBMPTT5IFSFTVMUTBSFBTGPMMPXT ũ
.9/
Mexico 2011
Scenario 2
5IFCPOETSFUVSOSBUFEFDSFBTFTCZCBTJTQPJOUT5IFDBMDVMBUJPOTXPVMECFBTGPMMPXT
MBono Futures
Coupon rate 9% 13.50% 10.50% 9.50%
Days to maturity 729 792 967 1,163
Yield 5.80% 5.37% 5.53% 5.61%
Clean price on maturity MXN$106.0043 MXN$116.6151 MXN$112.2085 MXN$111.3075
Settlement price on maturity MXN$111.8832 MXN$113.4607 MXN$116.1489 MXN$119.1321
5IF GVOEJOH SBUF JO UIF NBSLFU JT (JWFO UIFTF ŢJOBM DPOEJUJPOT UIF JOWFTUPS SFDFJWFT #POE DIFBQFTU UP
EFMJWFS
BOEXJMMUIFSFGPSFQPTUBHBJO5IFSFTVMUTBSFBTGPMMPXT ũ
.9/
*OUFSFTU3BUF4XBQ'VUVSFT
Description
5IFTF BSF GVUVSFT DPOUSBDUT PO .9/ UIBU QSPWJEF VTFST XJUI B TUBOEBSEJTFE WFIJDMF JO .&9%&3
GPS IFEHJOH
ŢJOBODJBMDPTUT
5IFVOEFSMZJOHBTTFUPGUIFDPOUSBDUJTUIFJOUFSFTUSBUFTXBQUIBUFYDIBOHFTŢJYFESBUFQBZNFOUTGPSŢMPBUJOHSBUF
QBZNFOUTBUUFOPSTPGPSZFBSTBUUIFEBZ5**&DBMDVMBUFECZ#BODPEF.ÈYJDP5IFDPOUSBDUJTTFUUMFE
UISPVHIEFMJWFSZ
5IF5**&JTRVPUFECZUIF#BODPEF.ÈYJDPJOBDDPSEBODFXJUIBQSFEFUFSNJOFENFDIBOJTNUPSFŢMFDU.FYJDBO
NPOFZNBSLFUDPOEJUJPOT TFF#VMMFUJO
5IFEBZ5**&JTUIFEPNFTUJDTIPSUUFSNJOUFSCBOLSFGFSFODF
SBUFJO.FYJDP
The sell of TIIE swap futures entails a

gain/loss to the issuer if swap rates rise/fall. The hedge position is
designed to offset issuer’s financing costs in debt at maturity of each contract
Floating Gain//loss
rate
INVESTOR ISSUER MEXDER
Margin Sell swap

funding future
5IFCFOFŢJUTPGUIFTFDPOUSBDUTGPSUIFJOWFTUPSBSF
4UBOEBSEJTBUJPOXIJDIJODSFBTFTMJRVJEJUZ
5IF&MFDUSPOJD
5SBEJOH4ZTUFNHVBSBOUFFTUSBOTQBSFODZ
5IFDMFBSJOHIPVTF "4*(/"
XJUIUIFIJHIFTUSBUJOHCZUIFMFBEJOH
SBUJOHBHFODJFTWJSUVBMMZFMJNJOBUFTDPVOUFSQBSUZSJTL
Mexico 2011
4.4.1. 2-year and 10-year TIIE Swap Future (Exchange Mexder)

Contract size: 1,000,000 MXN (One million Mexican pesos 00/100)
Delivery Months: Monthly or quarterly cycle for up to one year
Ticker symbol Two digits for the year (“02”/“10” for 2/10-year TIIE) plus two digits for
(Swap settlement): the exact maturity day of the month (e.g. “27”); plus two letters for the
maturity month (EN, FB, MR, AB, MY, JN, JL, AG, SP, OC, NV, DC) and the
last two digits of the maturity year (e.g. 1027FB09 for 10-year TIIE Swap
Future with a maturity date of February 27, 2009)
Quotation: Future Rate of annualised Swap level, expressed in percentage points to
three decimal places
Minimum price One half of a basis point, i.e. 0.005 of the annual percentage rate
fluctuation (Tick):
Futures Contract Tick Value: The tick value of the Swap Futures Contract is calculated as the change
in the price of the 2 or 10-year Swap Futures Contract
Trading Platform: MEXDER’s Electronic Trading System
Trading Hours: Trading hours between 7:30 am - 2:15 p.m., Mexico City time (GMT -06:00)
Last day of trading The next business day before the primary auction of government
and maturity date: securities on the third Wednesday of the maturity month
Settlement day: Next business day after maturity date
Delivery Method: Cash settlement // Centrally Cleared Swaps
Daily Settlement: Clearing member and clearing house (ASIGNA) must carry out the
daily settlement of their clients’ obligations and this settlement shall
incorporate, profits and losses, update of Margins (Clearing Fund),
accrued interests, and any fees incurred
Position limits: The maximum number of Open Contracts in one Class that a Client may
hold is established by MEXDER and the clearing house, and published
through the Derivatives Market Indicators Bulletin. Clients may open
new positions in excess, in order to hedge risks The maximum number
of Open Contracts in one Class that a Client may hold is established by
MEXDER and the clearing house, and published through the Derivatives
Market Indicators Bulletin. Clients may open new positions in excess, in
order to hedge risks
Bloomberg Tickers: “MMDD <GO>” for MEXDER page, “MMDF <GO>” for MEXDER Future
Contracts.
Formulas
Vp = P2 < P1
8IFSF
7Q7BMVFPGUIFUJDL SPVOEFEUPUXPEFDJNBMQPJOUT7BSJBCMFEFQFOEBOUPOUIFBOOVBMZJFMESBUFPGUIF4XBQ'VUVSFTUSBEFEPO.&9%&3
1Z15IFQSJDFTPG4XBQ'VUVSFT$POUSBDUTDBMDVMBUFEXJUIBIBMGCBTJTQPJOUJOUFSWBMJOUIFSBUF
Mexico 2011
5IF1SJDFPGUIF4XBQ'VUVSF$POUSBDUJTDBMDVMBUFEVTJOHUIFGPMMPXJOHGPSNVMB
−δ
Pn = VN * Tf T
+ 1− f * 1 + r * 28 36000
r r
8IFSF
bGPSZFBS4XBQBOEGPSZFBS4XBQ
1/1SJDFPGUIF4XBQ'VUVSFT$POUSBDUSPVOEFEUPEFDJNBMQMBDFT
7/'BDF7BMVFPGUIF4XBQ'VUVSFT$POUSBDU
5G'JYFE3BUFQVCMJTIFECZ.&9%&3JOJUTCVMMFUJO UPEFDJNBMQMBDFT
S'VUVSF3BUFPGBOOVBMJTFEZJFMEPGUIFZFBSPSZFBS4XBQEFQFOEJOHPOUIFDPOUSBDU BUUIFNBUVSJUZUFSNPGUIF'VUVSFTDPOUSBDU FYQSFT
TFEJOQFSDFOUBHFUFSNTBOESPVOEFEUPUIFOFBSFTUUJDL 5SBEF3BUF %BJMZ4FUUMFNFOU3BUF PS4FUUMFNFOU3BUFBU.BUVSJUZ BTUIFDBTFNBZCF

5IFGSBDUJPO5GSJTUSVODBUFEUPEFDJNBMQMBDFT
5IFUJNFGBDUPS '5
PCUBJOFEGSPN UPNBLFUIFSBUFBQFSDFOUBHF JTUSVODBUFEUPEFDJNBMQMBDFT '5

5IFFYQSFTTJPO S'5
?" JTUSVODBUFEUPEFDJNBMQMBDFT
4JNJMBSMZ UIFFYQSFTTJPO 5GS
# JTUSVODBUFEUPEFDJNBMQMBDFT
5IFQSPEVDUPG"Y#JTUSVODBUFEUPEFDJNBMQMBDFT
*OUFSFTUSBUFWPMBUJMJUJFT
4.5.1. Swaption TIIE (OTC)
Description:
"&VSPQFBOTXBQUJPOJTBOPQUJPOPOB5**&TXBQXIJDIHSBOUTUIFCVZFS MPOHQPTJUJPO
UIFSJHIUCVUOPUUIF
PCMJHBUJPOUPFOUFSJOUPB5**&TXBQBUBGVUVSFEBUF FYFSDJTFEBUF
JOFYDIBOHFGPSUIFQBZNFOUPGBQSFNJVNUP
UIFTFMMFS TIPSUQPTJUJPO
5IJTLJOEPGPQUJPOJTUSBEFE05$ PWFSUIFDPVOUFS
JFEJSFDUMZCFUXFFODPVOUFSQBSUJFT
TJODFUIFZBSFDPOUSBDUTUBJMPSFEUPDVTUPNFSTSFRVJSFNFOUT
5IFSFBSFUXPNBJOLJOETPGTXBQUJPOT
s 1BZFSTXBQUJPOT XIJDIHJWFUIFCVZFSUIFSJHIUUPFOUFSJOUPBOJOUFSFTUSBUFTXBQXIFSFUIFZQBZUIFŢJYFE
SBUFQBZFSBOESFDFJWFUIFŢMPBUJOHSBUF)PMEFSTPGQBZFSTXBQUJPOTFOUFSJOUPUIFVOEFSMZJOHTXBQXIFOUIF
QSFWBJMJOHQBSTXBQSBUFBUUIFNBUVSJUZPGUIFPQUJPOJTBCPWFUIFQSFEFŢJOFESBUF TUSJLF

s 3FDFJWFSTXBQUJPOT XIJDIBMMPXUIFCVZFSUPFOUFSJOUPBOJOUFSFTUSBUFTXBQXIFSFUIFZSFDFJWFUIFŢJYFESBUF
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General Characteristics
Payer swaption
Swaption seller BBVA or the client
Swaption Buyer The client or BBVA
Option Style European
Premium % of the notional amount expressed in basis points
Premium Payment Date To Be Defined
Swaption Exercise Date To Be Defined
$POUJOVFEPOOFYUQBHF
Mexico 2011

Settlement Swap delivery: If the buyer exercises their option, both parties enter
into the underlying swap.
Cash: If the buyer exercises their option, two business days after the
exercise date, they will receive the market price of the underlying
swap on the exercise date.
Underlying Swap
Notional Amount To Be Defined
Swap Effective Date To Be Defined
Swap Maturity Date To Be Defined
Business Day Convention Modified following
Short position pays 28-day TIIE
Short position Payment Dates 28 days
Short position Daycount Act/360
Long position pays MXN Fixed rate (strike) To Be Defined
Long position Payment Dates 28 days
Long position Day Count Act/360
Calculation Agent BBVA
Receiver swaption
Swaption seller BBVA or the client
Swaption Buyer The client or BBVA
Option Style European
Premium % of the notional amount expressed in basis points
Premium Payment Date To Be Defined
Swaption Exercise Date To Be Defined
Settlement Swap Delivery: If the buyer exercises their option, both parties enter
into the underlying swap.
Cash: If the buyer exercises their option, two business days after the
exercise date they will receive the market value of the underlying swap
on the exercise date.
Underlying Swap
Effective Date To Be Defined
Maturity Date To Be Defined
Short position pays MXN Fixed rate (strike) To Be Defined
Short position Payment Dates 28 days
Short position Day Count Act/360
Long position pays 28d TIIE
Long position Payment Dates 28 days
Long position Day Count Act/360
Mexico 2011
Example
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FYFSDJTFUIFTXBQUJPO PUIFSXJTF UIFZXJMMOPUFYFSDJTFUIFTXBQUJPO
4.5.2. Caps/Floors TIIE (OTC)

$BQT DBMMPQUJPOT
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JOFYDIBOHFGPSBOVQGSPOU
QSFNJVN
Cap TIIE Flows

Max (TIIE-Strike, 0)
Client Cap provider
Cap Premium payment
'MPPST QVUPQUJPO
BSFBHSFFNFOUTXIFSFCZUIFTFMMFSBHSFFTUPQBZUIFCVZFSXIFOUIFSFGFSFODFSBUFGBMMTCFMPX
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Floor TIIE Flows

Max (Strike - TIIE, 0)
Client Floor provider
Floor Premium payment
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BOEŢMPPSXJUIUIFTBNFTUSJLF

Mexico 2011
General Characteristics
Effective Date To Be Defined
Maturity Date To Be Defined
Option Cap Floor
Premium Payer Cap buyer Floor buyer
Premium % of the notional amount % of the notional amount
expressed in basis points expressed in basis points
Floating Amounts
Premium Payment Date Effective Date Effective Date
Payoff Max(0%,Index-Cap Strike) Max(Floor Strike – Index,0%)
*Notional*(# of days/360) *Notional*(# of days/360)
Strike X% To Be Defined
Index 28d TIIE
Payment Dates 28 days
Day Count Act/360
Example
$MJFOUh$vCVZTB$BQGSPN##7"CBTFEPOUIFEBZ5**&XJUIBTUSJLFPG POBOPUJPOBMBNPVOUPG.9/NO
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28
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360
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28
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360
Mexico 2011
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BOE
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Mexican Stock Exchange

Issuers
Domestic (Fully Listed) 134
“Sociedad Anónima Promotora de Inversión Bursátil” 2
(SAPIB)
Foreign 5
SIC 572
Trackers 14
5IFTFDUPSCSFBLEPXOTGPSUIFEPNFTUJDNBSLFUBOEUIF*1$ UIFNPTUSFQSFTFOUBUJWFJOEFY BSFUIFGPMMPXJOH
Domestic market breakdowns Most representative index, IPC breakdown (%

(% of market capitalization) of market capitalization)
Telecommunications Basic Materials Telecommunications Basic Materials
9.1% Consumer Consumer

10.3% Goods
Goods
29.8%
35.2% 18.0% 15.8%
Consumer 13.9% Consumer

21.1% Industrials 22.0% Services
9.1% Services
Industrials 8.2%
Health Care, 0.5% 6.9%
Financials
Financials
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Mexico 2011
5.1.1. Stocks Highlights (MSE)

Stocks: Brief description
Name Generals Company Description
ALFA, S.A.B. DE C.V. Ticker BMV: ALFA ALFA is a Mexican company made up of four business groups: Alpek (petrochemi-
Bloomberg: ALFAA MM cals), Nemak (aluminium auto parts), Sigma (refrigerated foods), and Alestra
Reuters: ALFAA.MX (telecommunications). Internationally, Alfa is a leading manufacturer of aluminium
Web: www.alfa.com.mx engine heads and monoblocks. It is one of the world’s leading producers of PTA, a
petrochemical product, and has a privileged market position in other petrochemi-
cals in Mexico.
ALSEA, S.A.B. DE C.V. Ticker BMV: ALSEA ALSEA is a leading developer and operator of fast-food restaurants, with brands
Bloomberg: ALSEA* MM of proven success. In Mexico and Brazil, it operates Domino’s Pizza, and in Mexico,
Reuters: ALSEA.MX Starbucks Coffee, El Pan Caliente, and Burger King.
Web: www.alsea.com.mx
AMERICA MOVIL, S.A.B. Ticker BMV: AMX AMX provides national and international telecommunication services to residen-
DE C.V. Bloomberg: AMXL MM tial and commercial customers, through a wide range of activities.
Reuters: AMXL.MX
Web: www.americamovil.com
CONSORCIO ARA, S.A.B. Ticker BMV: ARA ARA has extensive experience in the construction of entry-level, middle-income,
DE C.V. Bloomberg: ARA* MM upper-income and tourist homes, and continues to position itself as a leading firm,
Reuters: ARA.MX with enviable financial strength. It has been recognised by the Mexican Stock
Web: www.consorcioara.com.mx Exchange and has built more than 150,000 homes to date.
EMBOTELLADORAS Ticker BMV: ARCA ARCA is a holding company whose main subsidiaries are engaged in the produc-
ARCA, S.A.B. DE C.V. Bloomberg: ARCA* MM tion and sale of carbonated and non-carbonated soft drinks. Arca was created in
Reuters: ARCA.MX 2001 through the integration of three of Mexico’s oldest bottling groups, and has
Web: www.e-arca.com.mx become the second largest bottler of Coca-Cola Products in Mexico and Latin
America.
GRUPO Ticker BMV: ASUR Manages and operates airports and supplies airports with complementary and
AEROPORTUARIO DEL Bloomberg: ASURB MM commercial services, and builds and/or exploits civil air landing fields under the
SURESTE, S.A.B. DE C.V. Reuters: ASURB.MX terms of the Airport Law.
Web: www.asur.com.mx
COMPAÑIA MINERA Ticker BMV: AUTLAN AUTLAN produces and sells various kinds of manganese minerals and ferroalloys.
AUTLAN, S.A.B. Bloomberg: AUTLANB MM
DE C.V. Reuters: AUTLANB.MX
Web: www.autlan.com.mx
AXTEL, S.A.B. DE C.V. Ticker BMV: AXTEL AXTEL is a company that supplies telecommunication services.
Bloomberg: AXTELCPO MM
Reuters: AXTELCPO.MX
Web: www.axtel.com.mx
GRUPO BIMBO, S.A.B. Ticker BMV: BIMBO BIMBO owns companies engaged in the preparation and distribution of food
DE C.V. Bloomberg: BIMBOA MM products.
Reuters: BIMBOA.MX
Web: www.grupobimbo.com
CEMEX, S.A.B. Ticker BMV: CEMEX CEMEX is a global construction industry solutions provider that offers high-quality
DE C.V. Bloomberg: CEMEXCP MM products and reliable services to clients and communities in four continents.
Reuters: CEMEXCPO.MX
Web: www.cemex.com
$POUJOVFEPOOFYUQBHF
Mexico 2011
Stocks: Brief description (Continues)

CORPORACION MOCT- Ticker BMV: CMOCTEZ CMOCTEZ is a controlling company whose subsidiaries specialise in the produc-
EZUMA, Bloomberg: tion, transportation and pumping of read-mix concrete.
S.A.B. DE C.V. Reuters: CMOCTEZ.MX
Web: www.cmoctezuma.com.mx
CONTROLADORA COM- Ticker BMV: COMERCI COMERCI is a holding company of firms engaged primarily in the operation of
ERCIAL Bloomberg: COMERUBC MM supermarkets selling a wide variety of merchandise, and in restaurant operations.
MEXICANA, Reuters: COMERCIUBC.MX
S.A.B. DE C.V. Web: www.comerci.com.mx
GRUPO Ticker BMV: CONTAL CONTAL is a holding company of subsidiaries involved in a variety of areas, pri-
CONTINENTAL, S.A.B. Bloomberg: CONTAL* MM marily the bottling of Coca-Cola products.
Reuters: CONTAL.MX
Web: www.contal.com
CYDSA, S.A.B. DE C.V. Ticker BMV: CYDSASA CYDSASA, a holding company of industrial, commercial and service companies
Bloomberg: CYDSASAA MM operating in a variety of areas.
Reuters: CYDSASAA.MX
Web: www.cydsa.com.mx
GRUPO ELEKTRA, S.A. Ticker BMV: ELEKTRA ELEKTRA is a holding and real-estate company engaged in the acquisition,
DE C.V. Bloomberg: ELEKTRA* MM management, and leasing of property to Salinas y Rocha, S.A., for its commercial
Reuters: ELEKTRA.MX operation.
Web: www.elektra.com.mx
FOMENTO Ticker BMV: FEMSA FEMSA makes, distributes, and sells soft drinks and beer, and also owns the largest
ECONOMICO Bloomberg: FEMSAUBD MM convenience store chain in Mexico.
MEXICANO, Reuters: FEMSAUBD.MX
S.A.B. DE C.V. Web: www.femsa.com
GRUPO Ticker BMV: GAP GAP supplies airport services through the twelve airports the company operates
AEROPORTUARIO DEL Bloomberg: GAPB MM in the Pacific region.
PACIFICO, Reuters: GAPB.MX
S.A.B. DE C.V. Web: www.aeropuertosgap.com.mx
GRUPO CARSO, S.A.B. Ticker BMV: GCARSO GCARSO is a conglomerate that owns subsidiaries engaged in various areas of
DE C.V. Bloomberg: GCARSOA1 MM economic activity.
Reuters: GCARSOA1.MX
Web: www.gcarso.com.mx
GRUPO CEMENTOS DE Ticker BMV: GCC GCC is a leading producer and seller of cement, ready-mix, aggregates, and ser-
CHIHUAHUA, S.A.B. DE Bloomberg: GCC* MM vices relating to the construction industry in Mexico and the United States, and it
C.V. Reuters: GCC.MX has a significant stake in the Bolivian cement market leader.
Web: www.gcc.com
CORPORACION GEO, Ticker BMV: GEO GEO designs, develops, builds, and sells housing units.
S.A.B. DE C.V. Bloomberg: GEOB MM
Reuters: GEOB.MX
Web: www.casasgeo.com
GRUPO FAMSA, S.A.B. Ticker BMV: GFAMSA GFAMSA sells domestic and imported household appliances, furniture, and cloth-
DE C.V. Bloomberg: GFAMSAA MM ing, in Mexico.
Reuters: GFAMSAA.MX
Web: www.grupofamsa.com
$POUJOVFEPOOFYUQBHF
Mexico 2011

GRUPO FINANCIERO Ticker BMV: GFINBUR GFINBUR is a pure holding company of stock in companies that supply financial
INBURSA, S.A.B. DE C.V. Bloomberg: GFINBURO MM services.
Reuters: GFINBURO.MX
Web: www.inbursa.com
GRUPO FINANCIERO Ticker BMV: GFNORTE GFNORTE is a holding company of firms that provide financial services.
BANORTE, S.A.B. DE C.V. Bloomberg: GFNORTEO MM
Reuters: GFNORTEO.MX
Web: www.banorte.com
GRUPO MEXICO, S.A.B. Ticker BMV: GMEXICO GMEXICO is a mining company engaged in the processing of copper, zinc, silver,
DE C.V. Bloomberg: GMEXICOB MM gold, lead, and molybdenum.
Reuters: GMEXICOB.MX
Web: www.gmexico.com
GRUPO MODELO, S.A.B. Ticker BMV: GMODELO GMODELO is a leader in the production, distribution, and sale of beer in Mexico.
DE C.V. Bloomberg: GMODELOC MM
Reuters: GMODELOC.MX
Web: www.gmodelo.com.mx
GRUMA, S.A.B. DE C.V. Ticker BMV: GRUMA GRUMA, S.A. de C.V., is the world´s largest producer of corn and flour tortillas.
Bloomberg: GRUMAB MM
Reuters: GRUMAB.MX
Web: www.gruma.com
GRUPO HERDEZ, S.A.B. Ticker BMV: HERDEZ Herdez is a company that processes food products
DE C.V. Bloomberg:
Reuters: HERDEZ.MX
Web: www.grupoherdez.com.mx
CONSORCIO Ticker BMV: HOGAR HOGAR is a company that develops and promotes real-estate projects, with more
HOGAR, S.A.B. Bloomberg: HOGARB MM than 13 years of experience in the industry. Hogar’s objective is to create highly
DE C.V. Reuters: HOGARB.MX competitive real-estate investment alternatives for its clients.
Web: www.hogar.com.mx
DESARROLLADORA Ticker BMV: HOMEX HOMEX is a housing developer.
HOMEX, S.A.B. Bloomberg: HOMEX* MM
DE C.V. Reuters: HOMEX.MX
Web: www.homex.com.mx
EMPRESAS ICA, S.A.B. Ticker BMV: ICA ICA is a holding company of firms engaged in heavy construction, industrial and
DE C.V. Bloomberg: ICA* MM urban construction, and various engineering and service projects.
Reuters: ICA.MX
Web: www.ica.com.mx
INDUSTRIAS CH, S.A.B. Ticker BMV: ICH ICH is a Mexican company engaged in the production of steel, with plants in
DE C.V. Bloomberg: ICHB MM Mexico, the United States, and Canada. Its main product lines are specialty steels,
Reuters: ICHB.MX welded pipe, commercial profiles, structural profiles, and rebar.
Web: www.industriasch.com.mx
KIMBERLY - CLARK DE Ticker BMV: KIMBER KIMBER is engaged in the manufacturing and marketing of consumer products for
MEXICO, S.A.B. DE C.V. Bloomberg: KIMBERA MM personal health care and institutions.
Reuters: KIMBERA.MX
Web: www.kimberly-clark.com.mx
$POUJOVFEPOOFYUQBHF
Mexico 2011

COCA-COLA FEMSA, Ticker BMV: KOF KOF is a holding company that owns shares in the operating companies of Grupo
S.A.B. DE C.V. Bloomberg: KOFL MM Femsa’s soft drink division.
Reuters: KOFL.MX
Web: www.coca-cola-femsa.com.mx
MAXCOM TELECOMUNI- Ticker BMV: MAXCOM Maxcom is a telecommunication firm that supplies local, long- distance, voice over
CACIONES, S.A.B. DE C.V. Bloomberg: MAXCOMCPO MM IP, public telephone, data, Internet, pay TV over IP, administrative, and mobile tele-
Reuters: MXCMCPO.MX phony services, through state-of- the-art technology to create solutions designed
Web: http://www.maxcom.com/ to exceed the specific needs of its customers and provide them greater benefits.
MEGACABLE Ticker BMV: MEGA Mega is a holding company that controls companies engaged in activities relating
HOLDINGS, S.A.B. DE C.V. Bloomberg: MEGACPO MM to cable television services.
Reuters: MEGACPO.MX
Web: www.megacable.com.mx
MEXICHEM, S.A.B. DE Ticker BMV: MEXCHEM MEXCHEM is a company engaged in the production of chemical products, petro-
C.V. Bloomberg: MEXCHEM* MM chemicals, and hydrofluoric acid and the extraction of fluorite.
Reuters: MEXCHEM.MX
Web: www.mexichem.com.mx
GRUPO AEROPORTU- Ticker BMV: OMA OMA operates and administers 13 international airports in nine states of central
ARIO DEL CENTRO Bloomberg: OMAB MM and northern Mexico, located in the cities of Monterrey (Mexico’s third largest
NORTE, SAB DE CV Reuters: OMAB.MX metropolitan area); Acapulco, Mazatlan, and Zihuatanejo, which are major tourist
Web: www.oma.aero destinations, and nine other regional centres and border cities.
INDUSTRIAS Ticker BMV: PE&OLES PEÑOLES is a holding company of subsidiaries engaged in the mining, foundry,
PEÑOLES, S.A.B. DE C.V. Bloomberg: PE&OLES* MM refinery, and manufacture of non-ferrous metals and the manufacture of chemical
Reuters: PENOLES.MX products and refractory products.
Web: www.penoles.com.mx
SARE HOLDING, S.A.B. Ticker BMV: SARE SARE is engaged in the development, promotion, design, construction, and sale of
DE C.V. Bloomberg: SARE MM entry-level, low-, middle-, upper-income and tourist homes, and also supplies other
Reuters: SAREB.MX real-estate services. The company has a leadership position in market niches like
Web: www.sare.com.mx middle- and upper-income housing in Mexico City. It currently has a presence in
10 states of Mexico. SARE owns capital stock in subsidiaries that promote housing
for entry-level, middle- and upper-income homes, as well as the provision of real-
estate services.
GRUPO SIMEC, S.A.B. Ticker BMV: SIMEC SIMEC is a Mexican company engaged in the production of steel, with plants in
DE C.V. Bloomberg: SIMECB MM Mexico, the United States, and Canada.
Reuters: SIMECB.MX
Web: www.simec.com.mx
ORGANIZACION SORI- Ticker BMV: SORIANA SORIANA is a company engaged in the sale of basic articles like groceries, clothing,
ANA, S.A.B. Bloomberg: SORIANAB MM and house wares, through supermarket formats.
DE C.V. Reuters: SORIANAB.MX
Web: www.soriana.com
CARSO GLOBAL TELE- Ticker BMV: TELECOM TELECOM is a holding company of firms whose economic activities are related to
COM, S.A.B. Bloomberg: TELECOA1 MM the telecommunication industry.
DE C.V. Reuters: TELECOMA1.MX
Web: www.cgtelecom.com.mx
$POUJOVFEPOOFYUQBHF
Mexico 2011

TELEFONOS DE MEXICO, Ticker BMV: TELMEX TELMEX is a leader in the Mexican telecommunication industry. Telmex and its
S.A.B. Bloomberg: TELMEXL MM subsidiaries offer a wide range of communication, data and video transmission,
DE C.V. Reuters: TELMEXL.MX and Internet services, and comprehensive telecommunication services to corpo-
Web: www.telmex.com.mx rate clients.
GRUPO TELEVISA, S.A. Ticker BMV: TLEVISA TLEVISA is the world´s largest Spanish-speaking media company. Through its
Bloomberg: TLEVICPO MM subsidiaries and joint ventures, it produces and transmits television programs for
Reuters: TLEVISACPO.MX the domestic and international market, and develops and operates direct-to-home
Web: www.televisa.com.mx television services via satellite.
TV AZTECA, S.A. Ticker BMV: TVAZTCA TVAZTCA is a company engaged in the production of programming for transmis-
DE C.V. Bloomberg: TVAZTCPO MM sion through its own networks, as well as its sale on the domestic market, and the
Reuters: TVAZTCACPO.MX sale of advertising time.
Web: www.tvazteca.com.mx
URBI DESARROLLOS Ticker BMV: URBI URBI is a company engaged in the construction, promotion, and sale of housing.
URBANOS, S.A.B. Bloomberg: URBI* MM
DE C.V. Reuters: URBI.MX
Web: www.urbi.com
VITRO, S.A.B. DE C.V. Ticker BMV: VITRO VITRO is a holding company of firms in a variety of areas, primarily the glass
Bloomberg: VITROA MM business.
Reuters: VITROA.MX
Web: www.vitro.com
WAL-MART DE Ticker BMV: WALMEX WALMEX is a company that controls discount and clothing stores chains and
MEXICO, S.A.B. Bloomberg: WALMEXV MM restaurants.
DE C.V. Reuters: WALMEXV.MX
Web: www.walmartmexico.com.mx
4PVSDF##7"3FTFBSDI.ÈYJDPXJUI$PNQBOZ%BUB
5.1.2. Exchange-Traded Fund, ETF: Naftrac, Mextrac, and Brtrac

&YDIBOHF5SBEFE'VOET &5'T
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BTXFMMBTCVZPONBSHJOBOEQVSDIBTFBTMJUUMFBTPOFTIBSF
Naftrac
5IF/BGUSBDJTUIFMBSHFTUUSBDLFSPGUIF.FYJDBONBSLFU5IJTUSBDLFSSFQMJDBUFTUIFDPNQPTJUJPOPGUIF*1$T
DPNQBOZNJY CSPLFOEPXOBTGPMMPXT5FMFDPNNVOJDBUJPOT
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Mexico 2011
Mextrac
##7"ũ#BODPNFSJTUIFTQPOTPSPG.FYUSBD&5'T
MEXTRAC: General Characteristics

BMV Ticker MEXTRAC
First Day of Trading Dec-29-09
Expense (%) 0.25%
ISIN MX1BME0F0008
Bloomberg Ticker for ETF MEXTRAC
Bloomberg Ticker for Underlying Index RENTABLE
Reuters Ticker for ETF MEXTRAC09.MX
Reuters Ticker for Underlying Index .DT
5IFCSFBLEPXOPGUIFVOEFSMZJOHJOEFYGPSUIF.&953"$CZTFDUPSJTBTGPMMPXT
Sector Breakdown MEXTRAC, %

Telecommunications Basic Materials
18.3% 15.3%
Consumer Goods
19.3%
19.1%
Industrials
9.7% 18.4%
Financials Consumer Services
Company Weightings
Index Composition
Short Name Weight
AMERICA MOVIL SAB DE C-SER L 10
FOMENTO ECONOMICO MEXICA-UBD 10
GRUPO MEXICO SAB DE CV-SER B 10
GRUPO TELEVISA SA-SER CPO 10
WALMART DE MEXICO-SER V 10
CEMEX SAB-CPO 9.79
GRUPO FINANCIERO BANORTE-O 6.32
ALFA S.A.B.-A 4.38
GRUPO FINANCIERO INBURSA-O 3.92
TELEFONOS DE MEXICO SAB SER 3.88
KIMBERLY-CLARK DE MEXICO-A 3.72
$POUJOVFEPOOFYUQBHF
Mexico 2011
Company Weightings (Continues)

Index Composition
Short Name Weight
GRUPO BIMBO SAB- SERIES A 3.69
GRUPO MODELO S.A.B.-SER C 3.56
GRUPO CARSO SAB DE CV-SER A1 2.86
INDUSTRIAS PENOLES SAB DE CV 2.78
MEXICHEM SAB DE CV-* 2.17
GRUPO AEROPORTUARIO DEL-B SH 1.2
CONSORCIO ARA S.A.B.-SER * 0.68
GRUPO AEROPORTUARIO DE SUR-B 0.6
EMBOTELLADORAS ARCA SAB-NOM 0.45
.&953"$TPCKFDUJWFJTUPSFQMJDBUFUIF#.7T3FOUBCMF*OEFYCFGPSFDPNNJTTJPOTBOEDPTUT&BDI.&953"$
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5IFDSJUFSJBVTFEUPTFMFDUUIFDPNQBOZTBNQMFTJT
UIBUUIFTUPDLXBTUSBEFEBUBUMFBTUPGUIFTFTTJPOTJO
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UIFTUPDLT
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UIBOPGUIFJOEFY JOPSEFSUPDPNQMZXJUIMJNJUTJNQPTFECZSFHVMBUJPO
5IFFYDFTTXFJHIUTIPVMECFEJTUSJCVUFEQSPQPSUJPOBUFMZBNPOHUIFSFNBJOJOHTUPDLT
5IFJOEFYJTSFTIVţMFEPOBOBOOVBMCBTJT XJUIUIFOFXTBNQMFTUBSUJOHUSBEJOHBTPGUIFTUEBZPG4FQUFNCFS GPS
BTMPOHBTUIFSFBSFOPFYUSBPSEJOBSZFWFOUTUIBUSFRVJSFJNNFEJBUFBUUFOUJPOTVDIBTDPSQPSBUFBDUJWJUZ
BRTRAC
##7"ũ#BODPNFSJTUIFTQPOTPSPG#353"$&5'T
BRTRAC: General Characteristics

BMV Ticker BRTRAC
First Day of Trading Mar-04-10
Expense (%) 0.50%
ISIN MX1BBR060001
Bloomberg Ticker for ETF BRTRAC
Bloomberg Ticker for Underlying Index BMBRATM
Reuters Ticker for ETF BRTRAC10.MX
Reuters Ticker for Underlying Index .BMB
Mexico 2011
5IFCSFBLEPXOPGUIFVOEFSMZJOHJOEFYGPSUIF#35"$CZTFDUPSJTBTGPMMPXT
Sector Breakdown BRTRAC, %

Utilities 5.1%
Telecommunications Basic Materials
8.3%
Oil & Gas
10.4% 32.0%
Industrials 7.3%
11.4% Consumer Goods

24.1%
Financials 1.4% Consumer Services
Company Weightings
Index Composition
Short Name Weight
PETROLEO BRASILEIRO S.A.-ADR 10.42
GERDAU SA -SPON ADR 10.3
VALE SA-SP ADR 10.2
CIA SIDERURGICA NACL-SP ADR 10.15
BANCO BRADESCO-ADR 9.74
COMPANHIA DE BEBIDAS-PRF ADR 9.64
ITAU UNIBANCO HLDNG-PREF ADR 9.53
EMPRESA BRASILEIRA DE AE-ADR 7.34
CEMIG SA -SPONS ADR 5.08
VIVO PARTICIPACOES SA-ADR 4.98
BANCO SANTANDER BRASIL-ADS 4.84
TELE NORTE LESTE PART-ADR 3.31
GAFISA SA-ADR 1.77
TAM SA-SPONSORED ADR 1.38
FIBRIA CELULOSE SA-SPON ADR 1.32
#353"$T PCKFDUJWF JT UP SFQMJDBUF UIF #.7T #SBTJM *OEFY CFGPSF DPNNJTTJPOT BOE DPTUT &BDI #353"$
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5IF#SBTJM*OEFYJTDPNQPTFEPGUIFNPTUMJRVJE#SB[JMJBOTUPDLTMJTUFEPOUIF.FYJDBONBSLFU UISPVHIUIF
4*$ XJUI"%3QSPHSBNT5IFTFMFDUJPONFUIPEPMPHZJTUIFGPMMPXJOH
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5IFSFBSFOPDPNQBOJFTGPSXIJDIBIPMEJOHPSTVCTJEJBSZ
JTBMTPBQBSUPGUIFJOEFY
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BUUIFCFHJOOJOHPGFBDISFCBMBODJOH JOPSEFSUPDPNQMZXJUIMJNJUTJNQPTFECZSFHVMBUJPO
5IFFYDFTTXFJHIUTIPVMECFEJTUSJCVUFEQSPQPSUJPOBUFMZBNPOHUIFSFNBJOJOHTUPDLT
Mexico 2011
5IF #.7 IBT TQFDJBM DPOTJEFSBUJPOT UP UBLF JOUP BDDPVOU UP FOTVSF UIF DPOUJOVJUZ BOE WJBCJMJUZ PG UIF JOEFY
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MJRVJEJUZBOESFQMJDBUJPODIBSBDUFSJTUJDT*GGPSBOZSFBTPOBDPNQBOZMJTUFEJOUIFJOEFYJTBUBSHFUGPSBDRVJTJUJPO
NFSHFSPSEFMJTUJOH UIF#.7XJMMSFQMBDFJUXJUIUIFTIBSFTPGUIFOFYUDPNQBOZUIBUNFFUTUIFJOJUJBMSFRVJSFNFOUT
&RVJUZ'VUVSFTBOE0QUJPOT .&9%&3
5.2.1. IPC and Single Stocks Futures

Definition
5IFTFEFSJWBUJWFJOTUSVNFOUTBSFVTFEGPSIFEHJOHBHBJOTUŢMVDUVBUJPOTPOUIF#.7 TUPDLQPSUGPMJPTXJUITJNJMBS
WPMBUJMJUZ PSTJOHMFTUPDLTPOUIF#.75IFNBJOVTFSTPG*1$GVUVSFTBSFJOTUJUVUJPOBMJOWFTUPSTXIPIFEHFUIFJS
PQFOQPTJUJPOTJOTUPDLQPSUGPMJPT4QFDVMBUPSTBMTPQBSUJDJQBUFJOPSEFSUPUBLFBEWBOUBHFPGQFSDFJWFEBSCJUSBHF
PQQPSUVOJUJFTPSUPBDIJFWFIJHIFSSFUVSOTJOMJOFXJUIUIFJSFYQFDUBUJPOT
5IFVOEFSMZJOHBTTFUJTUIF*1$ UIFNPTUJNQPSUBOU.FYJDBO*OEFY XIJDIUSBDLTBXFJHIUFEBOESFQSFTFOUBUJWF
TBNQMFPGTUPDLTPOUIF#.75IF*1$TBNQMFJTSFWJFXFEPOBZFBSMZCBTJT
"GVUVSFTDPOUSBDUPOTUPDLNBSLFUJOEJDFTJTBDPOUSBDUXIFSFCZUIFCVZFS TFMMFS
VOEFSUBLFTUIFPCMJHBUJPOUP
QBZ SFDFJWF
UIFEJŇFSFODFCFUXFFOUIFŢJOBMWBMVFPGUIFJOEFYUIBUJTUIFTVCKFDUPGUIFDPOUSBDU MFTTUIFBHSFFE
WBMVF GPSXBSE
NVMUJQMJFECZUIFOPUJPOBM5IJTNVMUJQMFJTUIFQSJDFPGPOFJOEFYQPJOU
.&9%&3BMTPMJTUTGVUVSFTXIPTFVOEFSMZJOHBTTFUTBSFJOEJWJEVBMTUPDLTTVDIBT"NÈSJDB.ÑWJM-$FNFY$10
(.ÈYJDP#'&.4"6#%($"340"5&-.&9-BOE8BMNFY78IFOUIFGVUVSFNBUVSFT UIFPQFSBUJPOJTTFUUMFE
CZQIZTJDBMEFMJWFSZ
IPC Futures
Face value: 10.00 MXN (ten pesos 00/100) multiplied by IPC value
Delivery months: Quarterly cycle for up to one year: March, June, September, and December.
Contracts are permanently available for trading. Open interest indicates the
number of contracts outstanding.
Ticker symbol: 1,000 Bonds, equivalent to 100,000.00 MXN (one hundred thousand Mexi-
can pesos 00/100)
Delivery months: Quarterly cycle for up to 12 cycles (3 years)
Ticker symbol: IPC plus month and year of maturity, i.e. IPCDC03 (December 03)
Price units: Absolute value of IPC
Minimum 5.00 points of the IPC is worth 10.00 pesos per contract
fluctuation (Tick):
Maximum daily There is no maximum fluctuation of the future price during a single trading
fluctuation: session
Last day of trading: Third Friday of the maturity month
Settlement on maturity: First business day following the maturity date.
$POUJOVFEPOOFYUQBHF
Mexico 2011

Settlement: Settlement is in cash and determined by the difference between the pur-
chase price and the IPC price at maturity
Daily settlement: ASIGNA will carry out the daily settlement of investor positions, including all
profits and losses, the maintenance margin, and accrued interest, etc. The
daily price settlement is calculated by MEXDER for each series
Initial margin: Amount needed to start the contract in order to guarantee obligations. De-
posit could be in cash or liquid securities in pesos (CETES, MBONOS, etc.)
Maintenance margin: Margin “calls” for the buyer’s account or margin “withdraws” for the seller’s
account must be done if the price agreed in the contract is higher than the
daily settled price or vice versa.
Types of operation
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B #VZJOH*1$GVUVSFT5IFCVZFSXJMMCFFOUJUMFEUPSFDFJWFUIFTFUUMFNFOUBUNBUVSJUZJO.9/ GPSNVMB#
JGUIF
hDVSSFOU*1$MFWFMvJTIJHIFSUIBOUIFhBHSFFE*1$MFWFMvPUIFSXJTFIFNVTUQBZUIFTFUUMFNFOU GPSNVMB"

C 4FMMJOH*1$GVUVSFT5IFTFMMFSXJMMCFFOUJUMFEUPSFDFJWFUIFOPUJPOBMBNPVOUJO.9/ GPSNVMB"
JGUIFhDVSSFOU
*1$MFWFMvJTMPXFSUIBOUIFhBHSFFE*1$MFWFMvPUIFSXJTFIFNVTUQBZUIFOPUJPOBM GPSNVMB#

Formula
A) Settlement on maturity MXN$10.00 * (IPCA - IPCt )

B) Settlement on maturity MXN$10.00 * (IPCt - IPCA )
8IFSF
*1$U$MPTJOHMFWFMPG*1$POEBZhUv
*1$""HSFFEMFWFMPG*1$
U$POUSBDUNBUVSJUZEBZ
Examples
1. “Sell” IPC futures
"OJOTUJUVUJPOBMJOWFTUPSXPVMEMJLFUPIFEHFBSFUVSOPOIJTQPSUGPMJPGPS%FDFNCFS BOEUIFSFGPSFIFTFMMTBO
*1$GVUVSFTJOTUSVNFOU*GUIF*1$POUIFNBUVSJUZEBUFJTMPXFSUIBOFYQFDUFE UIFJOWFTUPSXJMMSFDFJWFBTFUUMFNFOU
UIBUHVBSBOUFFTBNJOJNVNQPSUGPMJPSFUVSO*GUIF*1$SJTFTBCPWFUIFQSJDFBHSFFEPONBUVSJUZEBUF UIFJOWFTUPS
NVTUQBZUIFEJŇFSFODFCVUHFOFSBUFTBTVSQMVTJOIJTMPOHQPTJUJPOJOTUPDLT
*OBOZDBTF UIFŢJOBMPVUDPNFJTUIBUUIFJOWFTUPSIBTBIFEHFETUPDLQPTJUJPOBOETFUTBŢMPPSPOUIFQPSUGPMJP
SFUVSOSFHBSEMFTTPGUIF#.7TQFSGPSNBODF
s Initial data:
- /VNCFSPGDPOUSBDUTQVSDIBTFECZUIFJOWFTUPS*1$%$GVUVSFT
- -FWFMBHSFFEGPSUIFGVUVSFTBU%FDFNCFS QUT
4DFOBSJP
UIFTUPDLNBSLFUEFDMJOFT
"DUVBMMFWFMBUNBUVSJUZPGUIFGVUVSFJO%FDFNCFS QUT
"NPVOUQBZBCMFTFDVSJUJFT
.9/
*OUIJTFYBNQMF UIFJOWFTUPSSFDFJWFTBTVSQMVTCZVTJOH*1$GVUVSFTPOUIF.&9%&3TJODFUIFBHSFFEMFWFMXBT
IJHIFSUIBOUIFBDUVBMMFWFM
4DFOBSJP
UIFTUPDLNBSLFUPVUQFSGPSNTFYQFDUBUJPOT
"DUVBMMFWFMPOUIFGVUVSFTNBUVSJUZJO%FDFNCFS QUT
Mexico 2011
"NPVOUPGTFUUMFNFOUBHBJOTUTFDVSJUJFT n

.9/
5IF*1$FYDFFEFEUIFNJOJNVNMFWFMQSPKFDUFE5IFDVTUPNFSUIFSFGPSFQBJEUIFEJŇFSFODFBOEPCUBJOFEUIF
SFUVSOFTUJNBUFEJOJUJBMMZ
2. “Buy” IPC futures
*O UIF PQQPTJUF DBTF BO JOWFTUPS OFFET UP FOTVSF QVSDIBTF PG B TUPDL QPSUGPMJP JO %FDFNCFS IFODF IF
EFDJEFTUPCVZBO*1$GVUVSFTJOTUSVNFOU
s Initial data:
- /VNCFSPGDPOUSBDUTQVSDIBTFECZUIFJOWFTUPSGVUVSFT*1$%$
- -FWFMBHSFFEGPSUIFGVUVSFTBU%FDFNCFS QUT
4DFOBSJP
UIFTUPDLNBSLFUPVUQFSGPSNTUIFGVUVSFT
"NPVOUQBZBCMFTFDVSJUJFT
.9/
*OUIJTDBTF UIFJOWFTUPSSFDFJWFTBTVSQMVTBTMPOHBTUIFDVSSFOUMFWFMXBTIJHIFSUIBOUIFQSJDFPGUIFGVUVSF
4DFOBSJP
5IFTUPDLNBSLFUVOEFSQFSGPSNTUIFGVUVSFT
"NPVOUPGTFUUMFNFOUBHBJOTUTFDVSJUJFT ũ
.9/
*GUIF*1$VOEFSQFSGPSNTUIFBHSFFEMFWFM UIFDVTUPNFSXPVMEIBWFUPQBZUIFEJŇFSFODF
Single Stocks Futures
Face value: 100 shares of the underlying stock and its price
Delivery months: Maturity months in March, June, September, and December will be available
at all times for call (buy) and put (sell) options.
Ticker symbol: Maturity months in March, June, September, and December will be available
at all times for call (buy) and put (sell) options.
Unit of price: Pesos and cents of peso per share
Minimum The bid size will be equal to the one used in the underlying negotiation on
fluctuation (Tick): the BMV
Maximum daily There is no maximum fluctuation of the future price during a single trading
fluctuation: session
Last day of trading: Third Friday of the maturity month
Settlement on maturity: Third bank business day after the maturity date.
Settlement: Settlement is in cash and is based on the difference in the purchase price
and the underlying stock price at maturity
Daily settlement: ASIGNA will carry out the daily settlement of investor obligations, including
all profits and losses, the maintenance margin, and accrued interest, etc. The
Mexico 2011
5.2.2. IPC Options on Futures Contracts and Single Stock Options

Definition
0QUJPOTPOBO*1$GVUVSFTDPOUSBDUDPVMECFVTFEBTBIFEHJOHJOTUSVNFOUPSUPJODSFBTFTUPDLQPSUGPMJPFYQPTVSF
5IFDPOUSBDUTUZMFVTFEPO.&9%&3JT&VSPQFBO UIFVOEFSMZJOHBTTFUPGXIJDIJTUIF#.7*OEFYh*1$vGVUVSFT
DPOUSBDU
"MTP PQUJPOTGPSJOEJWJEVBMTUPDLTBSFMJTUFEPO.&9%&3 UIFJOEJWJEVBMDIBSBDUFSJTUJDTPGXIJDIBSFQVCMJTIFECZ
.&9%&35IFVOEFSMZJOHTUPDLTBSF"NÈSJDB.ÑWJM-$FNFY$10(.ÈYJDP#/BGUSBD5MFWJTB$108BMNFY
75FMNFY-BOE&5'T4QFDJŢJD5FSNT8IFOBOPQUJPOJTFYFSDJTFE UIFPQFSBUJPOJTTFUUMFECZQIZTJDBMEFMJWFSZ
IPC Options on Futures Contracts
Face value: 10.00 MXN multiplied by the premium of the option contract
Contract kind: Call and put
Contract style: European
Delivery months: Quarterly cycle for up to one year (for both call and put options): March,
June, September, and December
Strike price: It is expressed in whole points of the IPC Index and multiples of 50 units.
Trading symbols: IP plus 5 digits to specify the strike price and another digit to specify the
contract type and maturity month (call: March, “C”; June, “F”; September, “I”;
December, “L”. put: March, “O”; June, “R”; September, “U”; December, “X”).
For example, “IP 32100C” = call option March and “IP 31900X” = put option
December
Unit quoted: Absolute value of IPC
Minimum One point of the IPC
fluctuation (Tick):
Last day of trading Third Friday of the maturity month.
and maturity date:
Settlement day: First business day following maturity date
Intrinsic value at maturity: A call option shall have a positive intrinsic value when the strike price is
lower than the closing price of the IPC future with the same maturity date.
A put option shall have a positive intrinsic value when the strike price is
higher than the closing price of the IPC future with the same maturity date.
Initial margin: Amount needed to start the contract in order to guarantee obligations.
Maintenance margin: Margin “calls” or margin “withdraws” as a function of open positions
Mexico 2011
Single Stocks Options
Face value: 100 shares of the underlying stock and its price
Contract types: Calls and Puts
Contract style: American (as a general rule)
Delivery months: Maturity months in March, June, September, and December will be available
at all times for call (buy) and put (sell) options
Strike price: Each will vary depending on the price of the underlying stock. They will
always be multiples of an interval defined by MEXDER
Trading symbols: The first two digits for the underlying asset (“AX”; “CX”; “GM”; “NA”; “TV”;
“WA”; and “TX”), plus 5 digits to specify the strike price (three whole digits
and two decimals) and another digit to specify the contract type and ma-
turity month (Call: March, “C”; June, “F”; September, “I”; December, “L”. Put:
March, “O”; June, “R”; September, “U”; December, “X”). For example:
América Móvil L (“AX”) AX 2400L = Call option December
Cemex CPO (“CX”) CX 2400X = Put option December
GMéxico B (“GM”) GM 2400I = Call option September
Naftrac 02 (“NA”) NA 1030C = Call option March
Tlevisa CPO (“TV”) TV 2400O = Put option March
Walmex V (“WA”) WA 2400U = Put option September
Telmex L (“TX”) TX 2400F = Call option June
Unit quoted: Contracts quoted in pesos and hundredths of a peso (cents) per underlying
asset
Minimum 0.01 MXN (exceptions may apply)
fluctuation (Tick):
Last day of trading Established by each underlying asset, but is usually the third Friday of the
and maturity date: maturity month
Settlement day: Established by each underlying asset, but is usually the third business day
following the maturity date
Intrinsic value at maturity: A call option has a positive intrinsic value when the strike price is lower than
the closing stock price on the maturity date.
A put option has a positive intrinsic value when the strike price is higher
than the closing stock price on the maturity date.
Mexico 2011
&RVJUZ'PSXBSET 0QUJPOT BOE4XBQT 05$

5.3.1. Equity Forwards
Description
&RVJUZ'PSXBSETBU##7"#BODPNFSBSFMJOFBMEFSJWBUJWFTUIBUDBOCFVTFEBTBIFEHJOHJOTUSVNFOUPSUPUBLF
MFWFSBHFECFUTPOUIFTUPDLNBSLFU.BJOBEWBOUBHFTBSFUIBUJUBDDPNQMJTIFTBTZOUIFUJDBMMZMPOHPSTIPSUQPTJUJPO
POBOZTUPDL JOEFYPS"%3 BOEJTŢMFYJCMFJOUFSNTPGTJ[FBOEUFOPS"TXJUIBOZPUIFS05$FRVJUZEFSJWBUJWF
TIPSUDPNJOHTBSFFYQPTVSFUPNBSLFUSJTL WPMBUJMJUZBOEDSFEJUSJTL
Issuer: BBVA Bancomer
Guarantee BBVA Bancomer
Nominal value: Variable
Maturity: Up to 5 years subject to underlying asset
Underlying assets are stocks listed on the BMV,

according to the list below, which includes maximum tenors as well:
Index Description Max Tenor Stock
BMBBRART Índice Brasil 15 RT BMV 1 year AMX ADR HOMEX ADR
BMBRA15 Índice Brasil 15 BMV 1 year BBD ADR ICA ADR
Construye Índice BMV Construye RT 5 years BVN ADR NETC ADR
Consumo Índice BMV Consumo frecuente RT 5 years CAIGY ADR OMA ADR
Enlace Índice BMV Enlace RT 5 years CEMEX ADR PBR ADR
IPC Índice de Precios y 5 years CIG ADR RIO ADR
Cotizaciones BMV
Rentable Índice BMV Rentable RT 5 years ENI ADR SDA ADR
EOC ADR SIMEC ADR
FEMSA ADR TELMEX ADR
GAP ADR TLEVISA ADR
GGB ADR USNZY ADR
Formulas and Examples
F = S - I * e rt
8IFSF
''PSXBSE-FWFM
44QPU
*/FU1SFTFOU7BMVFPGUIF%JWJEFOE
S*OUFSFTUSBUFPGUIFQFSJPE
U5FSN ZFBST
Mexico 2011
Open_Inter est_Value = F - F0 * N * e-rt

8IFSF
'"HSFFE'PSXBSE1SJDFMFWFM
'$VSSFOU'PSXBSEQSJDFMFWFM
./PUJPOBM
S*OUFSFTUSBUFPGUIFQFSJPE
U5FSN ZFBST
Example
" DPNQBOZ TFMMT B GPSXBSE XJUI OPUJPOBM ".9 UP NPOUIT XJUI OPUJPOBM PG TIBSFT BOE TQPU QSJDF PG
.9/BOEUIFGPSXBSEQSJDFJT.9/BUNBUVSJUZ5ISFFNPOUITMBUFS
s Scenario 1: $VSSFOUQSJDFPG".9JT.9/XJUIBGPSXBSEQSJDFPG.9/)FODF UIFPQFOQPTJUJPO
WBMVFJT n
.9/
s Scenario 2: $VSSFOUQSJDFPG".9JT.9/XJUIBGPSXBSEQSJDFPG.9/)FODF UIFPQFOQPTJUJPO
WBMVFJT n
.9/
5.3.2. Equity Options

Description
&RVJUZPQUJPOTJO##7"#BODPNFSDPVMECFVTFEBTBIFEHJOHJOTUSVNFOUPSUPJODSFBTFFYQPTVSFUPUIFTUPDL
NBSLFU
5IFNBJOBEWBOUBHFTBSFŢMFYJCJMJUZBTSFHBSETTJ[F UFOPSBOEDVSSFODZ &63.9/PS64%.9/
PQUJPOTDBOCF
&VSPQFBO "NFSJDBO QMBJOWBOJMMB
PS&VSPQFBOCJOBSZEJHJUBMT CJOBSZ
"TXJUIBOZPUIFS05$FRVJUZEFSJWBUJWF
TIPSUDPNJOHTBSFFYQPTVSFUPNBSLFUSJTL WPMBUJMJUZBOEDSFEJUSJTL
5IFVOEFSMZJOHBTTFUTBOENBUVSJUJFTUSBEFEBU##7"#BODPNFSBSF
Stock
Description Max. Term
AMXL América Móvil SAB de CV 2 years
CEMEXCPO Cemex SAB de CV 2 years
FEMSAUBD Fomento Económico Mexicano SAB de CV 1 year
GAPB Grupo Aeroportuario del Pacífico SAB de CV 1 year
GMEXICOB Grupo México SAB de CV 1 year
HOMEX* Desarrolladora Homex SA de CV 1 year
SIMEC Grupo Simec SAB de CV 1 year
TELMEX Teléfonos de México SAB de CV 1 year
TLEVICPO Grupo Televisa SA 1 year
WALMEXV Wal-Mart de México SAB de CV 1 year
Mexico 2011
Index
BMBBRART Índice Brasil 15 RT BMV 14 months
IPC Índice de Precios y Cotizaciones BMV 4 years
5IFUFSNJTVQUPZFBST
ADR
AMX ADR ENI ADR PBR ADR
BBD ADR FEMSA ADR SIMEC ADR
BVN ADR GAP ADR TELMEX ADR
CEMEX ADR GGB ADR TLEVISA ADR
CIG ADR HOMEX ADR
5.3.3. Equity Swaps

Description
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Formula
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Payable: (S – S0) / S0 * M
Receivable: M * (1 + r * t / 360)
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Example
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Equity Swap TIIE-IPC

One month later Two months later
TIIE28 4.90% 4.95%
IPC 32,500 32,400
Flows
Payer 100,000,000 * ( (4.9% + 1%) * 30 / 360) = 491,667 100,000,000 * ( (4.95% + 1%) * 30 / 360) =
495,833
Receiver (32,500 – 32,000) / 32,000 * 100,000,000 = (32,400 – 32,500) / 32,400 * 100,000,000 =
1,562,500 -307,692
Net 803,526
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What do we offer
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Benefits
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Who is BBVA Bancomer Derivatives?
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Futures & Options Products

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Futures Contracts
United States of America-Dollar DEUA
CURRENCIES Legal currency of the European EURO
Monetary Union
INDEX IPC Index of the BMV (Mexican IPC
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28 day Interbank Interest Rate TE28
91 day Treasury Bill Certificate CE91
3 Year Bond M3
10 Year Bond M10
INTEREST RATES 20 Year Bond M20
Inflation Index UDI
10 year Interest Rate Swap SW10
Futures
2 year Interest Rate Swap Futures SW02
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tures (Centrally Cleared Swaps)
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América Móvil L AXL
Cemex CPO CXC
SINGLE STOCKS
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Risk Management
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Tax Regime
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Clients are able to take advantage of volume pricing, reduced back-office processing
and a more efficient use of margins by clearing all futures and options transactions with
BBVA Bancomer.
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IMPORTANT DISCLOSURES
This document and the information, opinions, estimates and recommendations expressed herein, have been prepared by BBVA Global Markets and BBVA
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the date of the report and are subject to changes without prior notice. BBVA Bancomer is not liable for giving notice of such changes or for updating the contents
hereof. This document and its contents do not constitute an offer, invitation or solicitation to purchase or subscribe to any securities or other instruments, or
to undertake or divest investments. Neither shall this document nor its contents form the basis of any contract, commitment or decision of any kind. For more
information please contact the persons included in the directory of this document.
The determination of a price target does not imply any warranty that it will be attained. For a discussion of the risks associated with the attainment of price
targets, which depend on intrinsic and extrinsic factors that affect both the performance and trends prevailing in the market on which the recommended
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site www.bancomer.com.
Investors who have access to this document should be aware that the securities, instruments or investments to which it refers may not be appropriate for them due to
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make their own investment decisions considering the said circumstances and obtaining such specialized advice as may be necessary.
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correctness. BBVA Bancomer, accepts no liability of any type for any direct or indirect losses arising from the use of the document or its contents.
Investors should note that the past performance of securities or instruments or the historical results of investments do not guarantee future performance. The
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could even face a loss of their investment.
Transactions in futures, options or high-yield securities can involve high risk and are not appropriate for every investor. Indeed, in the case of some investments,
the potential losses may exceed the amount of the initial investment; in such circumstance, investors may be required to pay more money to support those
losses. Thus, before undertaking any transaction with these instruments, investors should be aware of their characteristics, as well as the rights, liabilities and
risks associated with these securities and their underlying investments. Investors should also be aware that secondary markets for the said instruments may
be limited or may not exist.
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referred to, directly or indirectly, in this document, or in any other related thereto; they may trade for their own account or for third-party account in those
securities, provide consulting or other services to the issuer of the aforementioned securities or instruments or to companies related thereto or to their
shareholders, executives or employees, or may have interests or perform transactions in those securities or instruments or related investments before or after
the publication of this report, to the extent permitted by the applicable law.
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investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
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Act 2000 (Financial Promotion) Order 2001 and it is not to be directly or indirectly delivered to or distributed among any other type of persons or entities. In
particular, this document is only aimed at and can be delivered to the following persons or entities (i) those outside the United Kingdom (ii) those with expertise
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common representation or credit related services.
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our internet site www.bancomer.com.
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BBVA Bancomer as well as other entities in the BBVA Group that are not members of the FINRA (Financial Industry Regulatory Authority), are not subject to
the rules of disclosure affecting such members.
This material is being distributed into the United States in reliance on an exemption from broker-dealer registration under Rule 15a-6 of the Rules
under the Securities Exchange Act of 1934. Any trades in the securities discussed in this report must be effected through a U.S. registered broker/
dealer as we are not authorized to accept any order to effect trades in any security discussed in this report within the U.S.
Mexico 2011
Editorial Board:
Global Markets: BBVA Research:

José Antonio Ordas Jorge Sicilia Octavio Gutiérrez-Engelmann
Alvaro Vaqueiro Adolfo Albo (2004 edition) Claudia Ceja
Erick Moreno
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BOEFEJUFECZOctavio Gutiérrez-Engelmann5IJT)BOECPPLJTBOVQEBUFEBOEDPSSFDUFEWFSTJPOPGh'JOBODJBM*OTUSVNFOUTPG.FYJDP
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Global Markets, Mexico

Managing Director Global Markets
Alvaro Vaqueiro
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Equity
José Alberto Galván

j.galvan@bbva.bancomer.com

Credit
Ricardo Cano
jricardo@bbva.bancomer.com

Rates Currencies & Commodities Sales

Francisco Rivera
francisco.rivera@bbva.bancomer.com

Equity Sales
Juan Carlos Rodríguez
juancarlos.rodriguez@bbva.bancomer.com

'PSDPOUBDUJOGPSNBUJPO*O#MPPNCFSH“BCMR <GO>”
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Mexico 2011
BBVA Research
Group Chief Economist

Jorge Sicilia
j.sicilia@grupobbva.com
Chief Economists & Chief Strategists:
Financial System, Regulation and Public Policies, and Emerging Markets:

Pensions: Alicia García-Herrero
Santiago Fernández de Lis alicia.garcia-herrero@bbva.com.hk
sfernandezdelis@grupobbva.com
Market & Client Strategy:

Antonio Pulido
ant.pulido@grupobbva.com
Spain and Europe: United States and Mexico:

Rafael Doménech
r.domenech@grupobbva.com Mexico
Adolfo Albo
a.albo@bbva.bancomer.com
Macro Analysis Mexico

Julián Cubero
juan.cubero@bbva.bancomer.com
Market & Client Strategy

Director
Antonio Pulido
ant.pulido@grupobbva.com
+34 91 374 31 81
Global Equity and Credit Global Fixed Income

Director Director
Ana Munera Luis Enrique Rodríguez, CFA
ana.munera@grupobbva.com luisen.rodriguez@grupobbva.com
+34 91 374 36 72 +34 91 537 35 87
Equity Latam FX Latam Interest Rates Latam

Chief Analyst Global FX, Chief Strategist Global Interest Rates, Chief Strategist
Rodrigo Ortega Dustin T. Reid Pablo Zaragoza
r.ortega@bbva.bancomer.com dustin.reid@bbvany.com pzaragoza@grupobbva.com
+52 55 5621 9701 +5255 5621 9715 +5255 5621 96 16
Equity Mexico, Chief Analyst FX Latam Interest Rates Mexico - Brazil, Chief Strategist
Francisco Chávez Ociel Hernández
FX Latam / Mexico
f.chavez@bbva.bancomer.com o.hernandez@bbva.bancomer.com
+52 55 5621 9703 Claudia Ceja
claudia.ceja@bbva.bancomer.com +5255 5621 96 16
+5255 5621 9715 Liliana Solís
liliana.solis@bbva.bancomer.com
+5255 5621 98 77
Macro Latam Strategy

Chief Strategist
Octavio Gutiérrez-Engelmann
o.gutierrez3@bbva.bancomer.com
+52 55 5621 9245
Mexico 2011
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NDTCCWBSFTFBSDI!HSVQPCCWBDPN CCWBSFTFBSDI!HSVQPCCWBDPN www.bbvaresearch.com
PLEASE SEE ANALYST CERTIFICATION AND OTHER IMPORTANT DISCLOSURES AT THE END OF THIS REPORT

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)BOECPPLPG.

Bloomberg: “BCMR” <Go>

Mechanisms used to ease exchange rate volatility

The main features of each mechanism

Reference: FIX exchange rate

Y  64%.9/  

SWAP CASH-SPOT: USD liability

2. Sell-purchase SWAP CASH-SPOT Type: USD asset

SWAP CASH-SPOT Type: USD asset

2.1.2. FX Futures (MEXDER and CME)

B. Mt +1 = 500,000 * {S(T ) * bt +1(T ) − bt (T ) − L(T ) * ft +1(T ) − ft (T ) }

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2.1.3. MXN Forwards and NDF`s (OTC)

Advantages for customers in using dollar forwards are:

Option price = $ 0.3474

8IFOUIFDPOUSBDUNBUVSFT UIFFYDIBOHFSBUFEFQSFDJBUFTBTUIFDVTUPNFSFYQFDUFE USBEJOHBUQFTPTQFS

Purchase of USD Puts

Option price = $ 0.3474

8IFOUIFPQUJPONBUVSFE UIFFYDIBOHFSBUFIBEBQQSFDJBUFEBTUIFDVTUPNFSFYQFDUFE BOETUPPEBUQFTPT

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 64% QFTPTQFSEPMMBS

2.2.2. FX Options (MEXDER)

Auctions of CETES, BONDES, UDIBONOS and fixed-rate MBONOS

Auctions of Savings Protection Bonds (BPAs)

Single Price allocation

120 Amount offered by Banxico

Single price allocation 2

1.5 Std. Dev.

Minimun Weighted Maximun

Minimun Weighted Maximun

Interactive auctions:4FDVSJUJFTBSFBMMPDBUFEBUNBSHJOBMSBUFTSFRVFTUFECZUIFJOUFSNFEJBSJFT VOUJMUIFBNPVOU

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Contract characteristics (Continues)

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3.3.2. UDIBONOS (OTC)

Formula (clean price)

$ 5,934 . 1 $ 168 ,956. 973

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3.3.3. Sovereign Bonds: UMS (OTC)

Mexico: Long-Term Foreign Public Debt: UMS and

6.2 6.0 7.0 6.7 6.7

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UMS: Portfolio Diversification

USD EUR GBP CHF JPY Weigth

UMS: Portfolio Diversification UMS: Portfolio

Bloomberg Amount Issue Year to

Contract characteristics (Continues)

Formula for BPAs

Formula for BPATs

Formulas for BPA182s

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Floating for Fixed IRS

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Savings or Payments of the 28 days TIIE agreement

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28d TIIE performance over agreement life

The most liquid maturities

Coupons Libor +/-

US $ 1mn*12.8 *Exchange at maturity

Y 64%.9/

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US $ 1mn12.8 Exchange at maturity

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(7.80 < 7.50) * 91

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(8.40 < 8.14) * 28

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