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Judged ‘excellent’ on all service counts from industry knowledge to value-for-money, Creel, García-Cuéllar, Aiza y Enríquez, S.C. is ‘extraordinary’; with clients suggesting it has ‘more experience that its competitors’, and specifically highlighting that ‘no other firm in Mexico has its depth when working on CKDs’. Indeed, the firm has advised on more than 90% of all CKD offerings to date. The 36-strong team includes eight partners and has a strong track record for ‘first-of-their-kind’ transactions, including the first-ever mortgage REIT, and the first-ever asset-backed commercial paper conduit in Mexico. Continuing that tradition, headline mandates saw practice head Carlos Aiza lead advice to Promotora y Operadora de Infraestructura (PINFRA), with Rodrigo Castelazo handling the capital markets aspects, on the country’s first-ever energy and infrastructure investment trust (“Fibra-E”) issuance of MXN$12bn, for the acquisition of a 40% equity interest in Pasca, the concessionaire and operator of the Mexico City-Toluca toll road; the advice included all regulatory, corporate governance and conflict of interest mitigation aspects. The pair also advised brokers Credit Suisse, JP Morgan, Santander, Banamex and Evercore on IE-Nova’s MXN$24.5bn global follow-on offering. In other novel, high-profile matters, Carlos Zamarrón advised MIRA on its MXN$4bn Certificado de Proyecto de Inversión (“CerPI”) offering, constituting both the first-ever CERPI and the first fund structured as a two stage vehicle. Castelazo ‘epitomizes knowledge’, while Carlos Zamarrón unfailingly demonstrates ‘deep knowledge and understanding of legal/regulatory items’, ‘high level commitment’ and the ‘ability to think outside the norm and help create novel structures’. Both have been highly active, with Castelazo advising Grupo Interacciones subsidiaries FCI Administradora and Estrategia en Finanzas & Infraestructura on the establishment of a MXN$3bn CKD trust and an associated MXN$3.5bn offering; and Zamarrón advising Mexico Retail Properties on an MXN$8.5bn CKD offering. Castelazo also counselled CKD Infraestructura Mexico on its MXN$1.2bn issuance of an Optional Series of Certificates backed by a capital call mechanism, another first-of-its-kind transaction; and Walton CKD2 on the establishment of its second CKD trust and a MXN$1.4bn public offering. Mercedes Haddad, working in conjunction with Aiza, led advice to the Mexican underwriters and the placement agents on Vinte’s MXN$1.2bn IPO; and Citigroup Global Markets, Credit Suisse Securities and JP Morgan Securities, as initial purchasers, on retailer Liverpool’s $750m senior notes issue. Name partner Jean Michel Enriquezknows capital markets transactions inside-out’, and Giovanni Ramirez Garrido, Pedro Velasco and Jorge Montaño are also all active in the practice. Other clients include Banamex Accival, Bank of America, Banorte, Citibank, Deutsche Bank and Goldman Sachs; and on the issuer-side, Southern Cross Group, FIBRA Terrafina, Prologis and PREI.

One client commented, ‘I like this firm because it’s a full service one, but you also have good and reliable lawyers for each matter that you need’, which reflects a more generalised sentiment regarding Galicia Abogados SC; its ‘skilful, reliable and business-oriented lawyers’ provide ‘good legal services’ and are ‘always responsive 24/7’. Attending a healthily balanced mix of issuer and financial-service entity clients, the 13-strong practice group is led by Guillermo Perez Santiago and Maurice Berkman; the pair are ‘a very good reference point in the legal capital markets practice’, are ‘very reliable’ and ‘have high-level knowledge and expertise’. Recent matters saw Berkman, with support from Manuel Galicia and José Visoso, lead advice to retailer Soriana on the shelf registration and offering of $420m’ worth of notes, and on a subsequent $2.1bn tender offer for 100% of the capital stock of Controladora Comercial Mexicana (CCM); advise RLH Properties on its MXN$451m IPO (and subsequent MXN$1.3bn follow-on offering); and Anheuser Busch-Inbev on the listing of the shares of the holding company that – in the wake of AB-Inbev’s $105bn acquisition of SAB Miller – will hold the shares of both. Pérez Santiago advised Mexico’s Bancomext on its heavily over-subscribed $750m subordinated preferred capital notes issue under Rule 144A/Reg.S (a landmark transaction insofar as it allowed a development bank to account such debt as Tier-2 capital); acted as deal counsel, advising BBVA, Merrill Lynch and Santander (as underwriters), and Grupo Bimbo (as issuer), on the latter’s MXN$8bn notes offer; and Fondo Especial para Financiamientos Agropecuarios, a state-owned agricultural development trust, on the extension of its debt programme and on a dual tranche offering with an aggregate value of MXN$5bn. In other matters the team advised issuer COPEXA, a banking syndicate comprising Santander, Banorte, Caixabank and Inbursa, and broker Actinver, on a MXN$1.47bn notes offering; Citigroup, HSBC, JP Morgan et al, as initial purchasers, on a $2bn issue by Grupo Aeroportuario de la Ciudad de México; act as Mexican counsel to development bank Nacional Financiera on its MXN$5bn global offering; and advise brokers Grupo Bursátil Mexicano and Morgan Stanley, as underwriters, on PINFRA’s $632.9 Fibra Via, the country’s first FIBRA-E transaction. Senior associates Roberto Ortiz, José Alejandro Cortés and María de los Ángeles Padilla are also noted. Other clients include ARCA Continental, Bank of America, Credit Suisse, Citibank, JP Morgan, HSBC, Santander, BBVA, Morgan Stanley, Kimberly Clark and Grupo Aeroportuario del Sureste (ASUR).

Distinguishing itself ‘by the personal and direct involvement of its partners and the depth of its associates’, Mijares, Angoitia, Cortés y Fuentes S.C. is the ‘first choice for capital and debt markets’ of more than one client. ‘Up-to-date on all relevant topics’, the team has ‘a broad network of contacts within the BMV and the CNBV that has proven useful’ and ‘its fees are very much in line with the great service provided’. The 20-strong group is led by Martín Sánchez, Manuel Echave, Patricio Trad, and seasoned practitioner Ricardo Maldonado, who with over 20 years’ experience, was one of only three lawyers appointed to the CNBV Committee that drafted the current securities law. The practice has a reputation for the breadth of its clientele, strong equity-side presence and for advising issuers throughout their entire investment cycle; it is active in project-financing related capital markets transactions (such as in the toll-road sector), and cross border mortgage-backed securitizations. Notably it also has expertise in securities-related administrative matters. Recent caseload highlights saw the ‘very active’ Sánchez advise real estate developer Servicios Corporativos Javer on its MXN$1.8bn IPO (the first in Latin America during 2016), as well as on its simultaneous $136m senior notes offer; act as deal counsel on the establishment of Banco Santander’s MXN55bn multi-security long-term bank bond programme (and its MXN$3bn first public offering therein); and the CKD-holding retirement fund administrators (AFOREs) on Planigrupo’s MXN$1.8bn tender offer for the group’s development capital certificates, a transaction undertaken concurrently with its IPO. Acting in conjunction with Echave, Sánchez also advised on a major equity offering under Rule 144A/Reg.S. ‘Excelling in knowledge, responsiveness and attitude’, Maldonado advised Controladora Vuela Compañía de Aviación (Volaris) on a $175m secondary follow-on offering of ordinary participation certificates (in the form of ADRs); teamed up with Francisco Ibáñez to advise on a major cash tender offer; and, in one of the headline equity offerings of the year, worked alongside Trad to advise José Cuervo-holding company Becle on its $790m global IPO under Rule 144A/Reg.S rules in the US, as well as on the Mercado Integrado Latinoamericano (MILA). Other matters included acting a deal counsel for Banco Compartamos and Grupo Axa on their respective bond offerings. Senior associates Patrick Meshoulam and Francisco Glennie are key members of a strong second tier allows the team ‘to deliver depth and timeliness in its services’; and ‘dependable’ younger associate Pedro Ampudia ‘shows authentic interest in’ clients’ ‘business’, is ‘knowledgeable’ and demonstrates ‘a very positive attitude’.

Nader, Hayaux y Goebel, SC has ‘cemented its place at the top table’ for capital markets matters and provides ‘unfailing quality in complex matters – even under tight time-frames’. The 13-strong team (with five partners) functions ‘like a well-oiled machine’ and has experience throughout the sector, from CKDs and the newer CERPIs to FIBRAs, securitisation and other CM transactions designed to fund projects. Senior partner and ‘great strategic thinker’ Michell Nader S advised Grupo Elektra on its MXN$5bn, and subsequent MXN$500m unsecured long-term notes offers; and in the Fibra sub-sector, assisted Fibra Danhos on establishing its MXN$8bn unsecured notes programme and two subsequent issuances therein, with a total value of MXN$4bn. Nader teamed up with Julián Garza C to advise brokerage Punto, as lead underwriter, on the MXN$2.89bn offering of CBFIs by a Mexican real estate investment trust. Garza and Hans Goebel C advised Prudential Insurance et al on the $250m acquisition of notes issued by Fibra Macquarie Mexico in an unsecured private placement; and also advised HSBC Mexico on the substitution of Banco Invex as common representative of its bondholders (and other restatements) and relevant authorisations before the CNBV, one of the first procedures of its kind under new regulations. Goebel paired-up with Héctor Arangua L to advise Desarrollos Delta Cobre de Mayo on the structuring and placement of MXN$4bn’ worth of CKDs. Arangua, in turn, led on a first-of-its-kind deal, advising brokerage Barclays Capital, as placement agent, on the MXN$800m offering of structured investment project notes (CERPIs), as part of a MXN$4bn target for the first CERPI fund. Other work saw Gunter A Schwandt G advised BBVA Bancomer, as lead underwriter on the (target) issuance of MXN$3bn development securities (CKDs) by The Abraaj Group, and the team also handled a debt restructuring undertaken via the launch of a notes exchange offer. The practice group also has a ‘solid’ and ‘technically adept’ second line of senior associates including, Ana Paula Telleria R, Laura D Martínez S and Diego Sánchez V, as well as the ‘increasingly prominent’ and ‘sharp’ Mónica Ramos C. Clients include Banamex-Accival, Citibank, Axis, Navix, Bank of America, Barclays, Bancomer, Banco Santander, Banorte-Ixe and Deutsche Bank Securities.

An undoubted ‘pillar of the market’ and ‘absolutely first class’, Ritch, Mueller, Heather y Nicolau, S.C. is a ‘preferred choice’ that demonstrates ‘great responsiveness’ and ‘efficient delivery’, as well as providing ‘know-how, expertise and contacts in a single package’. Headline work saw ‘capital markets machine’, Luis Nicolau (‘he has a hand in everything’), advise the international underwriters on Sigma’s $1bn bond issue. The office fields a 24-strong practice group, including eight partners, and advises issuers and underwriters on the full range of debt and equity matters, both domestic and cross-border. Both Nicolau and Carlos Obregon have particular expertise in structured debt and quasi-equity products in the domestic market. The team’s recent caseload saw Nicolau (one of only three lawyers appointed to the CNBV commission that drafted the current securities law), also lead advice to the initial purchasers on Comisión Federal de Electricidad (CFE)’s $375m senior notes issue; Crédito Real’s $625m senior notes issue; Banorte’s $500m issuance of subordinated preferred capital notes; and Bancomext’s $700m issue, also for subordinated preferred capital notes under Rule 144A/Reg.S. Obregón, who ‘provides top service for complex/ new types of transactions’, represented Engenium Capital on its offer of $340.5m asset-backed notes; and Grupo Hotelero Santa Fe on its MXN$1.83bn initial public offering on the Mercado Integrado de America Latina (MILA). Other work saw Gabriel del Valle represent Morgan Stanley and Credit Agricole, as underwriters, on the financing of KKR-vehicle Poinsettia Finance, involving a $530.8m senior secured notes offering under Rule 144A/Reg.S. Other key team members include the ‘highly experiencedPablo Perezalonso; Eva Frías, a former legal director at Blackrock (Mexico), who re-joined the firm in 2015 and has extensive capital markets and finance regulatory experience; and Eduardo Triulzi who was elected to the partnership in January 2016. A strong second line of senior associates includes Joaquín Pani, Joshua Párraga and Patricia Quezada, and in particular, the ‘conscientious’ and ‘hardworking’ José Berrueta.

Demonstrating ‘very high level of service and specialized capital markets expertise’, White & Case S.C.compares favourably to its peers’, according to clients. Headline equity matters saw the team advise brokers Citibanamex, JP Morgan Mexico, Banorte, BBVA Bancomer and Santander, as underwriters on Grupo Cementos de Chihuahua’s secondary global offering of 51.75m ordinary shares, raising some MXN$4.9bn; while in ongoing mandates, it is advising Central de Corretaje on the incorporation and operation of the Bolsa Institucional de Valores (BIVA), which upon receiving regulatory approval will become Mexico’s second stock exchange. Practice co-heads Juan Antonio Martín, Manuel Groenewold and Vicente Corta co-lead the 18-strong practice group, which is particularly active in structured finance, monetization and matters such as share re-acquisitions. ‘A true capital markets specialist’, Martin led advice to longstanding key client Comisión Federal de Electricidad (CFE) on the registration of its new, recurrent-issuer debt programme for up to MXN$100bn ($5.6bn), and subsequently on a $1bn offering under Rule 144A/Reg.S. Martin also teamed up with counsel Romeo Vizzani to advise Más Leasing on a MXN$400m lease agreement securitisation transaction (its second offering under a MXN$2bn programme); and with Carlos Mainero (who made partner in January 2017), to advise Accival and Vector, as lead underwriters, on the MXN$677.7m issue by an affiliate of private equity firm StepStone Partners. Groenewold represented Banco de Mexico (Banxico), as trustee of the Federal Government’s public development trust Fondo Especial para Financiamientos Agropecuarios (FEFA) on the updating of its debt certificates programme to become a recurring issuer; and SGFP México as issuer (and Société Générale as guarantor), on a fifth dollar-denominated bond issue of $75m. In conjunction with Mainero, Groenewold also advised Goldman Sachs, as placement agent, on the MXN$53.2m sale of a stake in Aeroportuario del Centro Norte to qualified institutional buyers outside Mexico. Corta advised Grupo Aeroportuario del Pacífico on the re-opening, for MXN$1.1bn, of the first issuance under its 2015 dual programme; and on the third issuance, for MXN$1.5bn under the same programme; and BNP Paribas Personal Finance, as issuer (and BNP Paribas as guarantor), on a MSXN$1bn debt securities issuance, its second peso-denominated offering. A former head of the Mexican FDIC (IPAB) and general counsel of the CNBV, María Teresa Fernández is also an integral member of the team; she has been acting with Corta on the BIVA mandate. Other matters saw Iker Arriola advise micro-finance lender Financiera Independencia on its part cash tender offer to purchase up to $85m of its outstanding 2019 senior notes. ‘Responsive and knowledgeable’ associates Eric Quiles and Simon Micha Kurc are also noted. Other clients include Aeromexico, BlackRock México, CitiBanamex, Morgan Stanley and VivaAerobus.

Greenberg Traurig, S.C.has always met our expectations’ noted one capital markets client; ‘their attorneys know the laws, know the market and provide solid responses in a reasonable time frame’. ‘Long at the forefront of capital markets work’ office managing partner José Raz Guzman is a recognised market figure and ‘genuine specialist’. Recent mandates saw him lead advice to Citigroup Global Capital Markets, as underwriters, on the acquisition of €1.5bn’s worth of senior notes issued by América Movil; and, in conjunction with Juan Manuel González, advise Morgan Stanley México et al, as underwriters, on Soriana’s $2.4bn tender offer for Controladora Comercial Mexicana (CCM). Subsequently, Raz Guzman and asset securitization specialist Miguel Yturbe advised BBVA Bancomer, as intermediary, in the de-listing tender offer of Tiendas Soriana and associated MXN$1.3bn acquisition of the remaining capital stock of CCM. González is also advising the potential investors on the acquisition of MXN$28bn CKDs to be issued by a trust managed by Mexico Infrastructure Partners II. Other matters saw Miguel Moisés lead advice to Evercore, Banorte and BTG Pactual, as joint book runners on RLH Properties MXN$13bn IPP; and Carlos Garduño represent the holders of 13 series of securitization bonds originated by Hipotecaria Su Casita, on the replacement of Santander Vivienda by Pendulum as the servicer of the portfolios held by seven different Mexican trusts. ‘Diligent’ associate David Argueta is also noted. Clients include ION Financiera, Planigrupo, JP Morgan Casa de Bolsa, Deutsche Securities and Casa de Bolsa BBVA Bancomer.

The ‘established CM-playerHolland & Knight is well known for its representation of state agencies and on sub-sovereign issuances, key role in the Mexican real estate trust (or FIBRA) sector, and has a growing role in general capital markets work with both issuers and participating finance entities. Key figures Boris Otto and Alejandro Landa have well over a decade working in tandem and ‘operate together seamlessly’ to provide ‘efficient, effective and timely’ advice regardless of size or complexity; headline work saw them advise Goldman Sachs as lender and sole arranger, and a syndicate of banks, on a two-tranche dual currency $1bn cross-border asset-back bridge and term financing, for the acquisition of GE leasing business in Mexico by Linzor Capital Partners. In other matters the pair act as deal counsel on $800m and $45m securities issuances by long-standing client, state consumer-lending agency INFONACOT; advise regional trade-finance bank BLADEX on its MXN$1.5bn issuance; and Sistema de Crédito Automotriz (SICREA) on the modification of its bond programme and on an additional MXN$300m issue. ‘Go to’ for FIBRA work, the ‘brilliantGuillermo Uribe is ‘a very fine and dignified competitor’ according to one peer; with support from ‘up-and-coming’ senior associate Adrian Gay, his recent caseload included advising Fibra HD on its first offering of 150m CBFI’s (to its existing CBFI-holders) for up to MXN$1500m, as well as on the structuring and implementation of its $131m debt allocation programme; Fibra UNO on a $250m debt issuance and on the re-opening of $500m’ worth of bonds; Fibra Plus on its MXN$1.5bn IPO; and Fibra INN on a $53m issuance, and on the MXN$193m early termination of its advisory agreement with Prisma. Associate Jorge E Gonzalez is also noted. Other clients include Banamex, CKD MYY, HSBC and Scotiabank.

Jones Dayknows its way around’ the capital markets and ‘gives pertinent advice in difficult market conditions’. The core, eight-strong team advises local issuers and underwriters on both debt and equity offerings; on the establishment of mutual funds, pension funds and brokerage firms; and handles listings, compliance and governance matters, as well as regulatory counselling and representation. In an undoubted headline mandate, Alberto de la Parra advised Grupo Aeroportuario de la Ciudad de México on an initial, dual tranche (10 & 30 year) $2bn Rule 144A/Reg.S “green bond” senior secured notes offering for the construction of the new Mexico City airport. He was assisted by senior associate Arturo de la Parra. Particularly active advising mutual funds and brokerage firms, Silvia Malagón ‘knows the industry and its hurdles’ and ‘ticks all the boxes’ when it comes to service; her recent caseload includes leading advice to Principal Fondos de Inversión regarding CNBV authorization to modify 12 mutual funds in accordance with new regulatory requirements. Malagón works closely with seniors Eduardo Mendoza and Mauricio Bahena, who also supported her counsel to Ixedint and Ixe BNP Paribas de Acciones Mercados Emergentes on similar regulatory matters; Scotia Funds, SURA Investment Management México and Fondos de Inversión Multiva, on the incorporation and launch of mutual funds; and AXA IM México on its registration as an Investment Advisor. ‘Very active’ and ‘a specialist in the making’, senior associate Carlos Sámano led advice to Crédito Real on a $625m senior notes offer under Rule 144A/Reg.S, and also assisted with its five year, $375m revolving debt programme for the issuance of CEBURES. In addition, Sámano advised Grupo Elektra subsidiary, Intra Mexicana on a MXN$5bn increase of its debt programme, and two concurrent offerings (of MXN$2.5bn and MXN$1bn); he has been advising Elektra for over a decade. Javier Martínez del Campo, Fernando de Ovando and Mauricio Castilla are also key members of the practice. Other clients include Bancomer, Banorte and BNP Paribas, and on the issuer-side, Compartamos, Grupo Kuo and Grupo Gigante.

González Calvillo, SC is ‘gaining prominence’; its 19 strong team includes four highly experienced partners and is best known for both direct and structured public debt placements. The team represents local and foreign issuers, underwriters, and private equity firms and their portfolio companies, on debt, equity and hybrid securities offerings, acquisition financings and exits, and also handles all aspects of reporting and other obligations derived from Mexican securities law, corporate governance requirements and other regulatory norms. Recent mandates saw Juan Manuel Sancho and Jorge Cervantes co-lead advice to Navistar on a MXN$1.8bn short term notes issue; and José Victor Torres and José Ignacio Rivero continue to assist Nissan Renault Mexico in matters related to its $1bn dual programme; Rivero also handles the ongoing securities matters of auto components manufacturer Metalsa. The ‘highly adept’ Jaime Cortés Alvarez assisted Urbi Desarrollos Urbanos with the relisting of its shares (the final step in its emergence from a debt restructuring process), as well as with new equity investments totalling MXN$1.3bn; and also advised Grupo Velas on issuances as part of its $100m medium term notes programme. Other clients include Southern Copper Corporation, Grupo Velas, Grupo México, PEMEX, SixSigma Networks México (KIO Networks), and Maxcom Telecomunicaciones.

The ten-strong capital markets practice group at Kuri Breña, Sánchez Ugarte y Aznarknows the markets inside-and-out’ and has enjoyed a busy year. Name partner Daniel Kuri Breña and Alvaro Sarmiento frequently work in tandem and their recent matters include advising microfinance entity Te Creemos on the registration of an MXN$2bn securitization programme and on an initial MXN$314m trust-bonds issuance therein. The pair also advised both AB&C Leasing and Arrendamas on their respective MXN700m lease-receivables backed issuances. Alejandro Sobarzo led advice to Docuformas and Analistas de Recursos Globales (ARG) on the establishment of an MXN$2bn long term certificates programme, and an MXN$100m short-term programme, respectively; and Luis Octavio Núñez represented developer Vinte Viviendas Integrales on its IPO and second offering, raising MXN$1.2bn. Guillermo Garay is also active in the sector, and assisted PACCAR Financial with a MXN$10bn issuance and Financiera Bepensa on a MXN$600m issuance of CEBURES as part of its MXN$4bn programme. The practice group also welcomed back Rodrigo López Márquez from his position as vice President and head of legal for Itaú Unibanco (Mexico).

Boutique firm Robles Miaja, SC consistently punches above its weight and, despite its small size has established a sterling reputation for banking and finance, capital markets and increasingly, corporate work. Founding partner Rafael Robles is ‘unstinting – he always seeks to ensure his client has the best deal’; certainly he has the expertise necessary to ensure a good outcome. Recent matters saw the team act as counsel to BBVA, Deutsche Bank Securities, Goldman Sachs, Bank of America-Merrill Lynch, Credit Suisse, HSBC and Itaú BBA, as initial buyers, on Fibra Uno’s $500m bond issue; and on the issuer-side, advise Grupo Kaltex on its inaugural $320m international bond offering; both issuances were under Rule 144A/Reg.S. Robles, one of only three lawyers appointed to the CNBV Committee to draft the current securities law, is supported by key figures María Luisa Petricoli and Ximena Robles. However, Edgar Romo Reynosa left the firm to join DLA Piper Gallastegui y Lozano in October 2016. Other clients include Grupo Aeromexico.

Full-service market mainstay Santamarina y Steta remained active in a tough climate for the capital markets due to the breadth of its client base and ‘great knowledge of both debt and equity work’. Headline work saw Alberto Saavedra and practice co-head Alfonso Castro lead advice to Controladora Comercial Mexicana (CCM) on the MXN$39bn sale of a majority holding in its retail business to Soriana, a process facilitated by the creation and spin-off of La Comer and its listing on the Mexican stock exchange via an IPO. Castro also advised Corporación Geo on the restructuring, tender offer and exchange of $160m worth of US bonds as part of the company’s financial restructuring; and also on the restructuring and amendment of a MXN$1.04bn claim derived from the three issuances of Mexican-peso notes by the company. His fellow practice head Sergio Chagoya led advice to Finactiv on the establishment of a MXN$300m bonds programme, and the establishment of a first MXN$100m issuance therein; and to Banco Invex on its MXN5bn bank bonds programme, and a first MXN$2bn issuance. Jorge Barrero is also active in the sector and the partners can also call on a team of seven associates with particular experience in capital markets work, notably seniors Alfonso Monroy Mendoza and Gustavo Mendoza. The practice group also has expertise in sub-sovereign issuances.

Clients are ‘more than happy with the work’ of Chávez Vargas Abogados, S.C., and at least one client regards the firm as ‘the best legal advisor I have ever had for capital markets’. Name partner and ‘leading light’, José Antonio Chávez Vargas is popular with clients who appreciate his ‘experience, creativity and vision’. Younger partner Brian Minutti is ‘a key cog in a well-oiled machine’ and provides ‘excellent service’. Recent matters include work with regular client FOVISSSTE on the update of 16 securitizations, and on a $350m (mortgage – backed) senior trust bond issue, as well as advising Corporación Actinver on a $25m bond issue (its third under an updated securitization programme); Propiedades Inmobiliarias de Mexico on a $11m private fiduciary bonds issuance; Distribuidora de Alimentos SI on a $10m debt bond issue to cover corporate operations; and Banco Actinver on a $60m issue, its second in a $500m programme. Formerly at Deloitte Legal Mexico, trilingual associate Miguel Martinez is highly praised for his ‘availability, knowledge and contacts with the regulator’. Associate Alejandro Carreño is also noted. Other clients include Bolsa Mexicana de Valores, Monex Casa de Bolsa and ratings agencies HR Ratings Mexico, Standard & Poor’s, Fitch Ratings and Moody’s, to which the team provides legal opinions.

The capital markets practice at Hogan Lovells BSTL, S.C. is led by René Arce Lozano and Federico De Noriega Olea (from Monterrey and Mexico City, respectively), and is best known for its sub-sovereign work with Mexican states – although of late it has also been particularly active with Standard & Poor’s, and a number of major banks. Recent matters saw de Noriega lead advice to Crédit Agricole, as lender, on a MXN$3bn bilateral conduit securitization of car receivables to GM Financial Mexico; and Standard & Poor’s on a series of senior trust bond issues for the acquisition of the account receivables trusts of AB&C Leasing (MXN$1bn), Mas Leasing (MXN$450m) and Auto Ahorro Automotriz & Financiera Planfia (MXN$400m), among others. Arce was active on sub-sovereign matters including MXN$1bn and MXN$2.4bn credit facilities (secured against future tax flows) on behalf of the state of Oaxaca, MXN$1bn for the state of Tamaulipas and MXN$2.1bn for Nuevo León. Key support comes from counsel Mayuca Salazar Canales; and associate Luis Davalos Bichara is noted for his expertise in sub-sovereign matters. Other clients include Bancomer, Banorte, Banobras, Banca Firme, Banco Multiva and Grupo Interacciones.

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