Mexico City- based financial services firm Actinver has entered the local certificate of deposits (CD) market with the launch of its first structured CD for Mexican retail investors.
Actinver has a track record of ten years in the Mexican investment sector and has been an active player in the structured products market over the last few years in the warrants market. According to SRP data, the Mexican firm has marketed 34 warrants since 2011.
The new Range Accrual Peso/Dollar CD - 5% pa - 23 January is a seven-day fully capital-protected product. The dual-currency structure will pay a 5% pa coupon prorated for the number of business days during the investment term where the exchange rate remains between 13.17 and 13.405 throughout the applicable observation period. The product raised MXN30m ($2.88m) during its offer period.
Joaquín Alducin, director of the derivatives desk at Actinver, confirmed that the firm has started listing its products but declined to comment further at this stage.
SRP data shows that the Mexican Bolsa IPC remains the number one underlying of choice for Actinver with 14 products featuring it, although other popular underlyings include Wal-Mart Mexico (seven products), Grupo Mexico, (six products) America Movil (six products), Cemex (five products) and Alfa (five products).
With the addition of Actinver there are now five providers that have been active in the FX rate market this year, including BBVA Bancomer, Banco Santander, Monex, and Banamex.
The Mexican market has grown from an estimated MXN91.99bn ($6.8bn) in 2010 to more than MXN168.24bn ($12.5bn) in structured products sales in 2013, against an increasingly competitive landscape.