EM LATAM CREDIT: Unilever investment in Mexico: Positive take
United Mexican States (MEX; Baa2 /BBB /BBB-)
• Global consumer products company Unilever announced in a press briefing that it would invest MXN30bn (USD1.5bn) over the next three years. Nice to see foreign direct investment continuing.
• We posted March 2025 about U.S. based retailer Wal-Mart investing USD6bn for 2025 in Mexico that the CEO of Wal-Mart’s subsidiary Wal-Mex said would create 5,500 jobs. Please see the link for more information:
https://mni.marketnews.com/4lWook7
• Unilever has already been expanding in Mexico with four plants built since 2021 and has been doing business in the country for 60 years. The USD1.5bn would be USD400mn allocated to expansion of the plant in Nuevo Leon and the rest in their plants in Mexico State and Morelos.
• Unilever's chief supply chain and operations officer Willem Uijen said at Mexico President Claudia Sheinbaum’s daily press conference that the initiative will create 1200 new jobs.
• MEX 2035s were last quoted T+217bps, 9 bps wider MTD and 8 bps wider YTD.
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Senator Tim Kaine (D-VT) said that former Senate Republican Leader Mitch McConnell (R-KY) indicated that he will vote yes on a Democratic resolution that would "undo" President Donald Trump's tariffs on Canada by challenging the national security justification for their imposition, according to NBC News' Frank Thorpe on X. The resolution is seen as a message exercise as House Speaker Mike Johnson (R-LA) would kill the bill in the House, should it pass the Senate.
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