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Market opinion indicates Creel, GarcĂ­a-CuĂ©llar, Aiza y EnrĂ­quez, S.C. is at the spearhead of capital markets practice. Clients agree that the firm is ‘excellent’ in this sector, and that it brings together experts who are able to cover any concerns that may arise. The practice group stands out for its sheer size (36 lawyers, of whom eight are partners) and for the fact that it consistently acts on innovative and first-of-their-kind deals. In recent examples of this, practice head Carlos Aiza and Carlos ZamarrĂłn assisted Riverstone and Vista Oil and Gas in the first IPO of a Special Purpose Acquisition Company (SPAC) in Mexico and Latin America, raising $650m; Aiza and Mercedes Haddad assisted FIBRA Terrafina with the first equity shelf registration programme, and the first follow-on public offering under said programme by a Mexican issuer, which raised $290m; and Aiza and Rodrigo Castelazo acted for FIBRAVIA on the first rights offering by a Fibra E, which raised MXN$4.1bn (following advice given to Pinfra on the IPO of FIBRAVIA, Mexico’s first energy and infrastructure investment trust). Moreover, ZamarrĂłn assisted Credit Suisse with structuring the first publicly listed commercial real estate lending platform, which raised MXN$5.76bn and was listed as a CKD; as well as Mexico Tower Partners with the structuring, negotiation and implementation of the first securitisation of cell phone towers in Mexico, valued at $115m; and Castelazo advised the initial purchasers on a global offering of senior unsecured notes by Infraestructura EnergĂ©tica Nova, consisting of a simultaneous public offering in Mexico and private placement under rule 144A/Reg S outside of Mexico and including a Singapore listing; as well as Credit Suisse, Banorte Ixa and BBVA Bancomer, as lead Mexican Underwriters on a private placement and subsequent follow-on public offering in Mexico and international placement of shares by RLH Properties, for a total amount of $318m. Name partner Jean Michel EnrĂ­quez, Giovanni Ramirez Garrido, Pedro Velasco and Jorge Montaño are also active in the practice. Iker Arriola joined the firm in early 2018 from White & Case S.C.; his practice covers capital markets, banking and finance, corporate and M&A, restructuring and real estate. Other clients include Bank of America, Barclays, Citibanamex, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Blackrock, Blackstone, CKD Infraestructura MĂ©xico, Macquarie, Mexico Retail Properties, Prudential Real Estate Investors, and Walton Street Capital.

The period from 2017 running into 2018 was an active one for Galicia Abogados SC’ capital markets practice, with the firm advising on a string of high-end transactions. Chief among them was the firm’s role in the global offering of the second SPAC (Special Purpose Acquisition Company) placed on the Mexican market by a Mexican sponsor, namely Promecap, in which the firm assisted Merrill Lynch and JP Morgan as coordinators of the offering. The deal, valued at $300m, was led by practice heads Maurice Berkman and Guillermo PĂ©rez Santiago. In the transport sector, where the practice has several notable clients, the team acted for HSBC and BBVA Bancomer in the MXN$22bn asset securitisation – undertaken through a first and second offering under a shelf registration programme – of all the rights of the Mexico-Puebla highway, the property of Fondo Nacional de Infrestructura (FONADIN), a trust arm of Banobras and the government vehicle responsible for infrastructure development in the country. In the real estate finance sector, another market segment where the department has long-standing expertise, the lawyers assisted Mexican hotel owner RLH Properties with completing its second follow-on public offering (May 2017), for approximately $127m in Mexico and as a private placement to a limited number of qualified institutional buyers in the United States, and then in early 2018, completing the company’s second capital increase as a public company for approximately $360m. In the transport sector the firm carried out the $1bn global mixed IPO of GMĂ©xico Transportes’ shares of single-series common stock. Other work included acting for Grupo Bimbo in a $650m senior notes issuance; and for AC Bebidas in connection with the establishment of the shelf registration of debt instruments (certificados bursĂĄtiles) for an amount of up to MXN$15bn, and a subsequent initial two-tranche debt offering (amounting to MXN$7bn) in the local market. Other clients include Credit Suisse Securities, Morgan Stanley, Monex, Sura Asset Management, Barclays Capital, Citigroup Global Markets, and Scotia Capital.

Mijares, Angoitia, CortĂ©s y Fuentes S.C. is one of the clear leaders in capital markets matters, according to commentators. The 20-strong team is co-led by its four partners, MartĂ­n SĂĄnchez, Manuel Echave, Patricio Trad, and Ricardo Maldonado. SĂĄnchez is noted for his Fibra work and was active, recently, in the sector, advising Fibra MTY (the first real estate investment trust 100% internally managed in Mexico), on the structuring, negotiation, and implementation of the first multi-shelf "at-the-market offering" (ATM) programme with components of both equity (CBFIs) and debt (Cebures), with an aggregate value of MXN$10bn; and acting as Mexican counsel for the underwriters in the global follow-on equity offering of Fibra Uno (the first and largest real estate investment trust in Mexico), which consisted of an offering of 419.75 million CBFIs, for a total amount of approximately MXN$12.8bn, placed through a public offering in Mexico and an international private offering under Rule 144A/Reg S in other countries – said offering was three and a half times oversubscribed. Echave assisted BeGrand in the issuance of long term notes worth MXN$1.5bn; acted for Carza as co-investors (for up to MXN$3bn), in the issuance of trust development certificates via trust agreement CIB/2711, promoted by Go Proyectos; and (in conjunction with SĂĄnchez) advised IEnova on its $840m debut international senior note offering. Trad and Maldonado assisted JosĂ© Cuervo parent company Becle with its $916 million IPO, the largest in Mexico in four years and the first to take place in 2017, as well as the first in the Trump era. Maldonado also assisted Operadora de Servicios Mega with its MXN$300m revolving programme of short term local bonds and the associated first public offering of said bonds for an amount of up to MXN$84m; and Grupo Financiero Santander and Banco Santander (MĂ©xico) in a corporate restructuring involving the former being merged into the latter, an operation involving a one-for-one share swap, the delisting of GFS’ shares and the listing of those of Banco Santander (MĂ©xico), and the issuance of American Depositary Shares (ADSs) in the US. Senior associate Patrick Meshoulam is also noted; he acted on the IEnova and the Operadora de Servicios Mega deals. Senior associate Francisco Glennie is another key team member; he supported Maldonado on the Becle and Santander deals. Other clients include Volaris, Grupo Famsa, OHL MĂ©xico, Grupo Televisa, Banco Compartamos, Grupo Axo, Nemak, and Credit Suisse.

Nader, Hayaux y Goebel, SC’s capital markets team reflects the excellence of the rest of its transactional practices, and commentators confirm it as ‘undoubtedly top-tier’. As is the case with a number of the firm’s other departments, many of the members of the 13-strong team (six partners, one counsel, and six associates) have been working together for over two decades, covering all manner of capital markets issues, including securitisations, structured finance, equity placements, IPOs and equity fund leveraged buyouts, as well as having acted on innovative mandates involving CKDs, CERPIs, and FIBRAs. Recent examples of this saw the team assist construction consortium APP Coatzacoalcos Villahermosa with the securitisation of collection rights from a toll road it is developing, issuing notes worth MXN$1.9bn in an innovative project financing transaction involving the first note issuance in the country to finance a transport-related PPP services agreement through the issuance of bonds rather than a bank loan; advise investment vehicle CKD IM on the registration of a Fibra E securities programme allowing companies to use the structured finance instruments to fund purchases of energy and infrastructure assets; and act for construction company Carza to establish a CKD fund worth MXN$2.5bn and complete its debut issuance to become the first residential real estate fund in Mexico making payments to investors based on sales proceeds rather than profits. With over 30 years’ experience in the area, ‘capital markets stalwart’ Michell Nader S was lead partner on all three cases, in conjunction with JuliĂĄn Garza C on the first case, and Gunter A Schwandt G on the latter two. Along with Nader, Garza also assisted Citibanamex as lead underwriter in the placement of CKDs issued by a vehicle sponsored by PGIM (Prudential Real Estate Mexico) in the Mexican market with a target initial issuance of MXN$884.4m plus additional commitments (through a capital call mechanism), for a targeted total committed issuance amount of MXN$4.422bn, the second largest CKD placed in Mexico in 2017. Schwandt, in turn, led advice to Artha Capital on the launch of its fifth CKD fund, in two separate classes of certificates. In another CKD mandate, Hans Goebel C and HĂ©ctor Arangua L assisted Navix de MĂ©xico with the structuring and placement of CKDs in the Mexican market with a target initial issuance of MXN$1.2bn plus additional commitments (through a capital call mechanism), for a targeted total committed issuance amount of MXN$6bn, with the aim of funding a diversified portfolio of debt assets. Diego SĂĄnchez Villarreal was made partner in early 2018. In addition to all these partners, the team fields a strong second line, including MĂłnica Ramos C, who was recently promoted to counsel, and senior associate Ana Paula Telleria R. Clients include Axis, Bank of America, Bancomer, Banorte-Ixe, Barclays and Banco Santander.

Definitely a leader in the market, Ritch, Mueller, Heather y Nicolau, S.C. acts on sophisticated capital market mandates, representing national and international financial institutions as underwriters or initial purchasers and issuers in private and public debt and equity offerings. Recent highlights saw the practice assist several banks (including JP Morgan Casa de Bolsa, Morgan Stanley MĂ©xico, Casa de Bolsa Santander and GBM Grupo BursĂĄtil Mexicano) as initial purchasers of the MXN$18.6bn initial global offering by Becle; HSBC Securities, JP Morgan Securities, Mizuho Securities and Santander Investment Securities, as underwriters on Grupo Bimbo’s $650m offering; and UBS Securities, Merrill Lynch and Credit Suisse Securities, as initial purchasers on CrĂ©dito Real’s $230m subordinated perpetual notes issue. Luis A Nicolau co-heads the team, and led the first and third deals, as well as handling a $750m offering by CFE on the Taiwanese market for HSBC Bank (as lead manager and representative); and representing Morgan Stanley and UBS Securities, as initial purchasers, in connection with the Banorte’s offering (through its Cayman Islands branch) of $350m-worth of 5-year and $550m-worth of 10-year callable subordinated non-preferred non-cumulative Tier 1 capital notes, under Rule 144A/Reg S. Nicolau’s fellow practice co-head, Gabriel del Valle, advised Mexico Infrastructure Partners on its second private equity fund focused on investing in Mexican energy and infrastructure projects, through a public offer of CKDs. The team is made up of eight partners and 16 associates and other key members include Carlos ObregĂłn, who acted with Nicolau on both the CrĂ©dito Real mandate and on advice to Goldman Sachs, HSBC Securities and Morgan Stanley with a MXN$1.88bn sovereign offering of global notes by the United Mexican States. Both lawyers have particular expertise in structured debt and quasi-equity products in the domestic market; and Nicolau was one of only three lawyers appointed to the CNBV commission that drafted the current securities law. Other key partners are Pablo Perezalonso, who assisted Banco Santander with the issuance of structured bonds for up to MXN$10bn; JosĂ© Berrueta, who supported ObregĂłn in representing a group of seven Mexican underwriters led by Morgan Stanley MĂ©xico, and initial purchasers Morgan Stanley and UBS Securities, on Grupo TraxiĂłn’s MXN$4.5bn global share offering; and Eduardo Triulzi Garciadiego who acted for Gruma on its MXN$3.28bn tender offer for 14.29% of the issued and outstanding capital stock of Grupo Industrial Maseca, in which Casa de Bolsa Banorte Ixe acted as intermediary.

Capital markets leader White & Case S.C.’s Mexico office enjoys the competitive advantage of being able to rely on its international network. Particularly active in debt-side work, although with expertise in equity and securitisation as well, the 20-strong team is co-led by Juan Antonio MartĂ­n, Manuel Groenewold and Vicente Corta. The team has been developing its Fibra practice, recently representing ComisiĂłn Federal de Electricidad (CFE), as Mexican and NY counsel, in a MXN$16.387bn issuance – in Mexico and abroad (pursuant to Rule 144A/Reg S) – by the first publicly traded Fibra-E focused on Mexico’s electric transmission sector; and FibraShop on the regulatory procedure to increase the maximum amount of its 2015 short- and long-term dual programme from MXN$5bn to MXN$8bn. The group also continues to assist Bolsa Institucional de Valores (BIVA), Mexico’s second stock exchange, most recently obtaining an operational concession title from the Ministry of Finance and Public Credit (SHCP) in August 2017. In other work, it assisted Citigroup Global Markets, BBVA Securities and Scotia Capital, as initial purchasers of the $260m of senior notes issued by Grupo Cementos de Chihuahua; acted for BNP Paribas Personal Finance as issuer (and BNP Paribas as guarantor), on a fourth peso-denominated issuance of debt securities in the form of CBs (certificados bursĂĄtiles) worth $107m; and, acting in conjunction with the firm’s New York and Miami offices, advised Cydsa as issuer on a $330m senior notes offering under Rule 144A/Reg S. Additional headline matters saw a team led by Corta and Groenewold advise Banorte on its offering of $350m in 5-year, and $550m in 10-year, capital notes; and BBVA Bancomer as underwriter, and Goldman Sachs and 414 EstructuraciĂłn as structuring agents, in the issuance of $29m CKDs by CI Banco and SGMX Administradora de Fideicomisos. Groenewold continued to act for Fondo Especial para Financiamientos Agropecuarios (FEFA), on successive simultaneous multi-tranche offerings of MXN$1.15bn and MXN$2.3bn; MXN$1.656bn, MXN$3.22bn, and MXN$2.024bn; and in a second three-tranche debt issuance for MXN$1.03bn, MXN$1.39bn and MXN$2.18bn. MartĂ­n continued to work for key client CFE on the first and second debt certificate issuances (aggregate value MXN$8bn) under its recurrent issuer MXN$100bn programme; and on the listing on the International Quotation System (SIC) of the Mexican Stock Exchange (BMV) of its $750m offering of notes listed on the Taipei Exchange. New partner Carlos Mainero worked on the GCC and FibraShop deals, while MarĂ­a Teresa FernĂĄndez (former head of the Mexican FDIC –the IPAB– and general counsel of the CNBV) assisted Corta on the BIVA mandate. Relevant support comes from associates Eric Quiles and Simon Micha Kurc. Iker Arriola left to join Creel, GarcĂ­a-CuĂ©llar, Aiza y EnrĂ­quez, S.C.. Other clients include Aeromexico, BlackRock, Citibanamex Casa de Bolsa, Fin Útil, Financiera Independencia, Grupo Aeroportuario del PacĂ­fico, Morgan Stanley, SGFP MĂ©xico, and SociĂ©tĂ© GĂ©nĂ©rale.

The 13-strong capital markets team at Greenberg Traurig, S.C. has largely been focusing on real estate-related work and CKDs of late. Recent work highlights saw practice co-head JosĂ© Raz Guzman, assisted by associate David Argueta, advise Concentradora Hipotecaria (FHipo), manager of the first Mexican mortgage REIT, in a mortgage loan securitisation totalling MXN$3.36bn – the first securitisation of its kind, it includes the mortgage loans portfolios of the largest mortgages originators in Mexico, INFONAVIT and FOVISSSTE in a single issuing trust. Raz and Argueta also assisted leading industrial developer Amsted with the Mexican Stock Exchange listing of its first CKD (MXN$2.5bn, with an initial offering in the amount of MXN$500m) for the development of industrial properties. In another headline mandate, Raz’s fellow practice co-head, Juan Manuel GonzĂĄlez, assisted potential investors with the acquisition of CKDs to be issued by a trust managed by Mexico Infrastructure Partners II (and which upon placement of the CKDs, will be one of the largest infrastructure funds – in terms of total capital commitments – trading on the Mexican Stock Exchange); the mandate involved MXN$8bn in Series A bonds, MXN$20bn in Series B bonds and an initial offering of MXN$1.6bn. Miguel MoisĂ©s handled a string of CKD listings, a highlight among them being his assistance to a group of institutional investors regarding the listing of a third CKD by Banco Credit Suisse (MĂ©xico). The team can also call on the support of project finance experts Miguel Yturbe and JosĂ© Antonio ButrĂłn, and debt and equity specialist Carlos Garduño. Active clients include Impulsora del Desarrollo y el Empleo en AmĂ©rica Latina, Alsis Funds, and Casa de Bolsa Banorte Ixe.

Holland & Knight’s nine-lawyer capital markets team is respected for its consolidation and expertise. The core group of practice head Guillermo Uribe, senior associate Adrián Gay, and associate Jorge E Gonzalez have recently been handling mostly FIBRA and CKD work, namely assisting Fibra HD with a MXN$1.2bn debt issuance under its long-term placement programme; Fibra Uno with its $700m follow-on equity offering, the establishment of a shell registration for local market capital and debt issuances, and a two-tranche bond placement in the local markets for a total of MXN$7.1bn; and Fibra Inn on a debt tender offer for up to MXN$1.9bn and for a new debt issuance of up to MXN$2bn. CKD work included first and second subsequent issuances (of MXN$1.2bn and MXN$799m, respectively), for Helios CKD Fund. The practice’s other key partner, Alejandro Landa, assisted public credit entity Infonacot with a $230m consumer loan securitisation on the Mexican Stock Exchange.

The eight-strong capital markets team at Jones Day advises Mexican issuers and underwriters on debt and equity offerings and is also well-known for establishing mutual funds, pension funds and brokerage firms. Recent work saw the firm handle transactions under Mexican and foreign law (Rule 144A/Reg S), as well as assist funds with a variety of issues. Practice head and fund specialist Silvia MalagĂłn had a very active year, assisting SAM Asset Management with obtaining authorisation from the National Banking and Securities Commission for seven mergers of 19 mutual funds; Scotia Fondos concerning the incorporation of three mutual funds; SURA Investment Management MĂ©xico regarding the incorporation of two mutual funds, MONEDA and SURMILA – the latter being listed on the Integrated Latin American Market (MILA). In all three cases MalagĂłn relied on the support of senior associate Eduardo Mendoza. On the international side, Alberto de la Parra was assisted by Carlos SĂĄmano on advice to BBVA Bancomer, Credit Suisse, Santander, GBM, and Inbursa, as placement intermediaries, in connection with GMexico Transportes’ $996m global offering under Rule 144A/Reg S and IPO on the Mexican Stock Exchange (BMV); Fernando de Ovando, in conjunction with Mauricio Castilla and SĂĄmano, acted as counsel to Banco del BajĂ­o on its $475.2m global offering under Rule 144A/Reg S and Mexican stock market IPO and listing; Javier Martinez del Campo (working with SĂĄmano and Victoria Rivera Torres, as well as Boris Dolgonos, Peter Devlin, Patrick Bussard in New York), assisted Grupo Kuo in the Rule 144A/Reg S issuance of senior notes for the value of $450m, due in 2027. In other work, Antonio Franck advised Prodemex on establishing a Fibra E comprising three federal prisons in the states of Durango, MichoacĂĄn, and Mexico, with a value of $450m. Franck was assisted by SĂĄmano, who led advice to CrĂ©dito Real, as issuer, on its Rule 144A/Reg S $230m perpetual notes to qualified investors in the US and in the implementation of a dual stock certificate program for an authorised total amount of $405m. Additional support comes from associates Arturo de la Parra and Mauricio Bahena.

‘Top notch’ GonzĂĄlez Calvillo, SC ‘provides a superb level of service’ including in capital markets, according to market commentators. Six partners and 15 associates handle these matters at the firm, covering the full range of capital markets work: recent mandates include assisting IFM Global Infrastructure Fund, which, along with OHL Concesiones and through the SPV company Magenta Infraestructura, launched a tender offer on the Mexican Stock Exchange for the acquisition of up to 100% of the public shares of OHL MĂ©xico, valued at MXN$19.6bn. Other key work involved acting as Mexican counsel to Atento in the review of its Credit Agreement and Bond Offering global documents and a senior credit agreement for $50m as well as a bond offering of $400m; and Barclays Bank and JP Morgan Securities, as lenders, in an exchange of senior notes resulting from the breach of a term loan that shared collateral with notes issued by an affiliate of the borrower under said loan. The team also acted for Nissan Renault Finance Mexico in a MXN$3bn first issuance of stock certificates and a MXN$2.14bn second issuance of long-term notes. Juan Manuel Sancho and Jaime CortĂ©s Alvarez are singled out for having ‘carved out a great space for themselves in the Mexican capital markets business’. Jorge Cervantes and Jose Ignacio Rivero are also noted; Cervantes assisted Atento and Rivero IFM Global Infrastructure Fund. Other clients include Grupo MĂ©xico / Americas Mining Corporation / Southern Copper Corporation, Hir Casa, and Grupo Proeza.

The ‘excellent’ Kuri Breña, SĂĄnchez Ugarte y Aznar is recommended in capital markets for ‘its attention and speediness’. The team numbers six partners and five associates, and mostly assists domestic financial institutions and other companies in debt and securitisation matters. In recent work highlights, it assisted Te Creemos with its MXN$500m, second trust certificates issuance; CrĂ©dito Real on the securitisation of accounts receivable deriving from loans granted by the client to retirees and carried out through an MXN$800m trust certificates issuance; and Compañía Minera AutlĂĄn with a MXN$1.5bn securitisation of accounts receivable deriving from future cash flows from manganese sales. Practice co-head Daniel Kuri Breña and senior associate Miguel Vallejo are noted for their team work and for the fact that their ‘broad mastery of the subject conveys trust and confidence’. Fellow practice co-head Alvaro Sarmiento worked on the Te Creemos and Compañía Minera AutlĂĄn cases with Kuri Breña. Alejandro Sobarzo acted for Docuformas (also in conjunction with Kuri Breña) on its $150m Rule 144A/Reg S offering of senior notes in the US and listed on the Singapore Exchange (SGX). Luis Octavio NĂșñez continued to assist Vinte Viviendas Integrales, this time with the structuring and implementation of a MXN$1bn bond programme, and the first long-term issuances therein for an amount of MXN$315m and MXN$185m, respectively. Guillermo Garay advised repeat clients PACCAR Financial MĂ©xico and Financiera Bepensa. JosĂ© Alejandro Casas FarĂ­as had a busy year with issuances and placements of equity and debt instruments and was active on most of the work highlights. Other clients include Consubanco, AB&C Leasing de MĂ©xico, Fimubac, CorporaciĂłn Financiera Atlas, and Mexarrend.

Robles Miaja, SC continues to impress with its practice in the financial and corporate sectors, including with regard to capital markets. In recent work, the firm acted as Mexican counsel to Grupo TraxiĂłn on its MXN$4.5bn global share offering; assisted Banorte and BBVA Bancomer, as brokers, in the MXN$12bn issuance of CKDs by Artha Capital; and also acted as local counsel to Goldman Sachs, Evercore, UBS and BBVA, as initial purchasers, on FibraHotel’s MXN$4.59bn equity shelf programme, the first for a Fibra in Mexico. The team also assisted AeromĂ©xico with the $620m sale of 32% of its shares to Delta Airlines. Founding partner Rafael Robles stands out for his securities expertise.

Full-service firm Santamarina y Steta covers the full range of capital markets work, with recent highlights including assisting Invex Controladora with its two-tranche bond programme (for up to MXN$3.5bn) and the launch of its first public offering (for MXN$1.6bn); and Promotora Empresarial del Norte (part of Grupo Hema), on the registration of a revolving programme of long-term bonds for up to MXN$600m, as well as in the first issuance of said securities, for MXN$300m. Both mandates were led by practice co-head Sergio Chagoya. Other team members include Alberto Saavedra, and co-practice head Alfonso Castro, as well as Monterrey-based Jorge Barrero.

Twelve lawyers handle capital markets issues at ChĂĄvez Vargas Abogados, S.C., and while the team covers the full range of mandates, it has recently been mainly involved in debt work. Examples include advising FOVISSSTE on a debt programme of two senior trust bond issuances worth MXN$10bn; Firma Car on a bond issuance worth MXN$2bn; Sare Holding on a debt capitalisation with the transfer-of-control of shares to another shareholder through a subscription of shares; and Distribuidora de Alimentos SI (through its main brand Sushi Itto), on a debt issuance programme of bonds worth MXN$500m. In other work, the team provided legal opinions to rating agencies regarding securitisation transactions. JosĂ© Antonio Chavez Vargas leads the team, and he and Brian Minutti led all the transactions. They are supported by senior associates Miguel MartĂ­nez and Alejandro Carreño. Other clients include Actinver Casa de Bolsa, HR Ratings de MĂ©xico, Moody’s de MĂ©xico, Fitch Ratings MĂ©xico, Standard & Poors (MĂ©xico), FundaciĂłn DondĂ©, Vector Empresas, and Banco Invex.

Hogan Lovells BSTL’s 13-lawyer capital market team is led by RenĂ© Arce Lozano and Federico De Noriega Olea from the firm’s Mexico City and Monterrey offices, respectively. The practice handles structured and corporate financings, debt and trusts, and has well-reputed niche expertise in sub-sovereign financing. Recent work included advising CrĂ©dit Agricole on a MXN$1.8bn receivables programme granted to CEMEX; Standard & Poor’s on two senior trust bond issuances and the Trust’s acquisition of the account receivables originated by Unicco (UniĂłn de CrĂ©dito para la ContadurĂ­a PĂșblica), for MXN$2bn, and by CorporaciĂłn Financiera Atlas, for MXN$1.5bn; and Banorte on the MXN$12.1bn sale of the Apolo II portfolio by Mexico Retail Properties to Fibra Uno. Further support comes from counsel Mayuca Salazar Canales, who is based in Monterrey, and works closely with Arce Lozano; the Mexico team as a whole also works closely with the firm’s New York City office.

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