02/02/2026
6 minute read
Grupo Aeroportuario del Pacífico is expected to report on scope 1 and 2 emissions, which will determine the achievement of its end-2025 targets that are embedded in five MXN-denominated SLBs. If targets were missed, which appears likely, this could impact the pricing of bonds.
We assess GAP’s progress of emissions reduction and five SLBs from a pricing perspective. Based on emissions and passenger trend in recent years, we rank the bond as Likely MISS.
The two SLBs maturing in 2026 could receive premium payments of 0.2% at maturity. Meanwhile, the coupon could step up for the three other SLBs.
Current market pricing suggests there is little value assigned to these potential step-ups at the moment.
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