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International Monetary Fund

de equilibrio or TIIE, which is determined from a daily survey among banks conducted by the BOM. The 28-day TIIE serves as the benchmark rate for corporate issuance. Periodic payments on the TIIE swap are based on a 28-day period. Hence, a one year swap is quoted as 13 by l (13 x l) since there are 13 payments during the life of the contract. While TIIE swaps are available for maturities from 3 months to 30 years, the most liquid tenors are in the range from 2 to 10 years. 18. The TIIE swap market facilitates the funding operations of Mexican corporates but it