The financing through the international capital markets is essential for the economic policy of the Federal Government and an important mechanism to achieve the Government goals in financing matter. Consequently, it has been a priority to maintain a regular presence in the international markets. This has been achieved through actions focused in three main targets:

• Improving the terms and conditions of the external debt. This has been reflected in the improvement of the amortization profile, the decreasing of the financing cost of debt and by keeping a prudent risk management of the external debt portfolio.

• Developing and strengthening benchmark bonds. The development of benchmark bonds facilitates a precise valuation of financial instruments, allows market participants to express a view of their perception of country risk and promotes the participation of investors with different risk profiles and investment horizons. In the long run, the strengthening of benchmark bonds in specific points of the Federal Government’s yield curve will enhance liquidity of the bonds, contributing with market depth.

• Broadening the investor base for global bonds. This with the aim of decreasing the volatility of the Mexican spreads. Those spreads reflect the credit risk of the Federal Government (country risk) and represent an important reference for the financing cost for the public and the private sector of Mexico.