BREAKING NEWS

Mexico offers first over-the-counter gov't bonds

By ASSOCIATED PRESS

NOVEMBER 27, 2010 02:26

MEXICO CITY — The Mexican government is letting its citizens and other residents buy government bonds over the counter for the first time.

The program is known as "Cetesdirecto." It's named after government Treasury certificates known as Cetes.

Previously, the certificates have been sold at auctions to which only institutional investors have access. The new program allows savers to buy them over the Internet or in person, in quantities as low as 100 pesos ($8).

The 28-day certificates currently yield about 4.17 percent on an annualized basis.

President Felipe Calderon said Friday that savers will be able to get better returns on their deposits. He said that "this is a plan in which we all win."

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