CFE发行15亿美元债券，获得七倍超额认购 CFE raises USD1.5 B bond with sevenfold oversubscription

墨西哥联邦电力公司（CFE）作为墨西哥最大的国有电力公司，在阔别国际资本市场16个月后，于2026年1月22日重返市场，发行了15亿美元（约104.32亿人民币）的债券。这家国有电力公司报告称，投资者认购额峰值达到104.5亿美元（约726.76亿人民币），超额认购七倍，创下CFE债券发行史上的最高纪录。

The Federal Electricity Commission (CFE), Mexico’s largest state-owned electric utility, returned to international capital markets on Jan. 22 2026, issuing USD 1.5 billion (approximately 10.432 billion yuan) in debt after a 16-month absence. The state-owned utility reported peak investor demand of USD10.45 billion (approximately 72.676 billion yuan), representing a seven-fold oversubscription—the highest on record for a CFE bond offering.

该交易分为两部分，以实现不同的财务目标。第一笔包括10亿美元的子弹债券，期限为8年，指示性收益率为6.04%，旨在再融资 。第二笔是金额为5亿美元的分期偿还债券，期限为25年，票面利率为 6.50%，加权平均存续期为12年。从后者获得的收益将用于投资项目。

The transaction was structured in two tranches to address distinct financial objectives. The first consists of a USD1 billion bullet bond with an eight-year maturity and an indicative yield of 6.04%, aimed at refinancing. The second is a USD500 million amortizing bond with a 25-year tenor and a 6.50% coupon, carrying a weighted average life of 12 years. Proceeds from the latter will be used to fund investment projects.

CFE重返资本市场之际，正加速其“能源公正”议程，这一概念已正式纳入2025至2030年能源部门计划。该政策优先考虑公平获取电力基础设施，以及传统的市场扩张。

CFE’s return to capital markets comes as it accelerates its “energy justice” agenda, a concept formally incorporated into the Energy Sector Program 2025–2030. The policy prioritizes equitable access to electricity infrastructure alongside traditional market-based expansion.

在米却肯州，公用事业公司最近在2025年11月至12月期间完成了38个市镇的93个电气化项目。这些工程由普遍电力服务基金（FSUE）资助，包括安装778根电线杆和105个配电变压器，惠及服务不足的人口。这些努力是更广泛的米却肯公正计划的一部分，旨在缩小边缘化和土著社区的基础设施差距。

In Michoacan, the utility recently completed 93 electrification projects across 38 municipalities between November and December 2025. Funded through the Universal Electric Service Fund (FSUE), the works included the installation of 778 utility poles and 105 distribution transformers, benefiting underserved populations. These efforts form part of the broader Plan Michoacan por la Paz y la Justicia, aimed at reducing infrastructure gaps in marginalized and Indigenous communities.

克劳迪娅·欣鲍姆总统领导的政府将能源公平与能源自给自足和能源主权并列为国家核心优先事项。近期出台的立法改革和相关法规正式承认了这些原则，强化了电力普及和非歧视性获取的理念。为贯彻这一宗旨，墨西哥联邦电力公司（CFE）在全国范围内开展了数千个基础设施项目，推动电力覆盖率接近全民覆盖。

The administration of President Claudia Sheinbaum has positioned energy justice alongside energy self-sufficiency and sovereignty as core national priorities. Recent legislative reforms and secondary regulations have formally recognized these principles, reinforcing the view that access to electricity must be universal and non-discriminatory. In line with this mandate, CFE has carried out thousands of infrastructure projects nationwide, pushing coverage toward near-universal levels.

然而，行业分析人士指出，要实现这些社会目标，需要大量资本投资，以满足不断增长的工业需求和近岸外包驱动的增长。诸如PLADESE之类的规划框架以及更广泛的能源改革议程都强调，需要在扩大输配电能力的同时，将消费者用电成本控制在通货膨胀率以下。

Industry analysts note, however, that sustaining these social objectives will require significant capital investment to keep pace with rising industrial demand and nearshoring-driven growth. Planning frameworks such as PLADESE and the broader energy reform agenda emphasize the need to expand transmission and distribution capacity while keeping consumer electricity costs below inflation.