Banking and finance in Mexico

Creel, García-Cuéllar, Aiza y Enríquez, S.C.

‘By far the best in this industry’ is how many clients see the vast practice that Creel, García-Cuéllar, Aiza y Enríquez, S.C. has dedicated to the banking and finance sector. ‘Committed to quality service at all levels’, and unwavering when it comes to ‘identifying and resolving complex situations’, the department advises an impressive mix of international and domestic lenders, borrowers, funds, banks, insurance companies and other financial entities in connection with a broad array of transactions – frequently involving innovative structures – including: cross-border and local single-bank and syndicated loan facilities; acquisition, structured and maritime financings; secured and unsecured financings; and high-level restructurings, project finance and derivatives. Nearly 40 professional -including eight partners- make up the impressive group, which ‘stands out for its knowledge and technical capabilities’ and always delivers ‘exceptional work’. Among its ranks are some of the most prominent names in this sector, including rainmaker Carlos Aiza who heads the department, along with key figures Giovanni Ramirez; Pedro Velasco; Emilio Aarun; Rodrigo Castelazo and Mercedes Haddad. The practice group also features an outstanding second line of senior associates, including Alejandro Isaac, who earns praise for being ‘pro-business and proactive’. However, former counsel Víctor Gallegos moved to Cervantes Abogados in July 2021.

Practice head(s):

Carlos Aiza

Testimonials

‘By far the best in this industry.’

‘A team committed to quality service at all levels. Their lawyers stand out for their knowledge and technical capabilities.’

‘Excellent lawyers in the matter. Fast, clear, exceptional work. Proactive, committed and efficient. Responsiveness in identifying and resolving complex situations.’

‘Billing is clear. Not cheap, but the service is worth it. They are very fast and efficient. The work is excellent and the material they produce is clear and structured.’

‘The team is totally harmonized and coordinated. Associate Santiago Aguilar is  precise and very professional. His work is exceptional. Senior associate Alejandro Isaac is an expert on the matter, and has total knowledge and control of the issues. He is pro-business, proactive and direct. An excellent lawyer. Partner Pedro Velasco is always on top of the matter. Emilio Aarún is an excellent lawyer and offers an excellent service.’

‘The response times and solutions provided by the team are always efficient and they have a lot of experience in all the matters consulted.’

‘The efficiency with which they work, the handling of the issues consulted and the attention times.’

Key clients

Apollo Global Management

Crédit Agricole

Carestream Health

Santander

Impulsora del Desarrollo y el Empleo en América Latina, and Promotora del Desarrollo de América Latina.

Inter-American Investment Corporation (IDB Invest)

JP Morgan Chase Bank

Grupo Financiero Banorte

Rabobank

Itaú

Metropolitan Tower Life Insurance Company

Deutsche Bank

Alpha Holding

Work highlights

  • The design and implementation of a financing structure backed with resources from the Fondo de Estabilización de los Ingresos de las Entidades Federativas, and advance payments, from the Mexican Federal Government to the Mexican States, of shares of the federal tax collection.  
  • Design and implementation of a financing structure to provide funding to the fifth energy and infrastructure investment trust known as FIBRA-E.
  • Represented Apollo Global Management in connection with the $1bn senior secured superpriority multi-tranche debtor-in-possession (DIP) term-loan facility granted to Aeromexico.

Galicia Abogados S.C.

Standing strong among the big players in the banking and finance realm, Galicia Abogados S.C.´ stellar 23-strong practice, garners praise for its ‘top-notch command of the law, fantastic people-skills and an exceedingly well-deserved reputation for integrity’. The well-rounded team, which boasts ‘rock-solid technical skills’, is led by a ‘superstar roster’ of partners, including Arturo Perdomo, who also heads the fintech practice; Guillermo Pérez Santiago, who is highly regarded for his expertise in capital markets; and the head of insurance, Humberto Pérez-Rocha. The practice regularly acts for some of the leading banks present in Mexico, handling regulatory and compliance matters; corporate, sub-sovereign, structured, syndicated and bilateral financing transactions; and acquisition and asset-based finance. Key support is provided by senior associate Lili Abascal, who focuses on public financing, structuring and negotiating local and international financing, refinancing and debt restructuring transactions; and managing partner Manuel Galicia, lauded by some as ‘the elder statesman of Mexican law firms’. Promoted to counsel in October 2021, Rosemarie McLaren is the key finance contact in the firm's Monterrey office. Clients also value the firm’s ‘people-centred culture’, particularly regarding its pro bono and diversity initiatives, which ‘are widely recognised as industry-leading’.

Practice head(s):

Arturo Perdomo; Guillermo Pérez Santiago; Humberto Perez Rocha

Testimonials

‘Galicia is without a doubt the leading firm in Mexico. Having wisely avoided the pitfalls that have plagued most of their competitors at one time or another, they have been able to maintain and grow an impressively talented and consistent team, both in terms of their technical skills and their integrity and personal traits. This has resulted in their continued involvement in some (if not most) of the most significant transactions over the past three decades. The banking & finance practice is probably the leading example of such qualities within the firm.’

‘Guillermo Pérez-Santiago, José Visoso, Humberto Pérez-Rocha, Eugenio Sepúlveda, Héctor Kuri, Maurice Berkman, Rodrigo Rivera and of course Manuel Galicia himself (probably the elder statesman of Mexican law firms) are a superb sample of both the practice’s and the firm’s superstar roster. The team is known for its top-notch command of the law, fantastic people-skills and an exceedingly well-deserved reputation for integrity.’

‘Galicia’s people, especially the banking and finance team, are lawyers with technical knowledge, the ability to propose lawful and innovative solutions and to provide multidisciplinary advice.’

‘Partners Arturo Perdomo, Guillermo Pérez Santiago and Rodrigo Rivera, and as associates Lili Abascal and Cecilia Rojas, all have extensive knowledge and skills that distinguish their work as efficient and of excellent quality.’

‘Both the partners and associates have outstanding legal training, technical knowledge and experience in the banking sector. The availability and attention with which they perform their role in the services they provide is unequalled in the sector.’

‘In addition to its team’s rock-solid technical skills, Galicia stands out among the rest of its competitors for its people-centred culture. Their pro bono and diversity initiatives, for instance, are widely recognised as industry-leading. But probably most remarkable (and revealing) is that whenever a new deal is entrusted to them, no matter how the team is assembled they never fail to work seamlessly and efficiently. And they are always surprisingly receptive.’

‘The firm is distinguished by a high understanding of transactions, with a vision of closing transactions with due care for the bank’s interests. Their service has always been professional and of high quality. Their knowledge of the subject matter and the alternatives they propose to meet the bank’s standards is what makes them particular.’

‘The relationship with the bank’s internal areas as well as with the bank’s external clients is always good.’

Key clients

BofA Securities

Atlantica Sustainable Infrastructure

Citibank/Citigroup

BBVA

Leagold Mining Corporation

Equinox/Leagold

HSBC México

Bank of America

Credit Suisse

Santander

JP Morgan

UBS

Sabadell

IFC

IDB

Morgan Stanley

Scotiabank

Mizuho

Bancomext

Banobras

SMBC

MUFG (Bank of Tokyo Mitsubishi)

Barclays

BNP Paribas

Credit Agricole

Nacional Financiera

Goldman Sachs

Blackrock

Ficade, SOFOM (Promecap)

Work highlights

  • Advised HSBC México on a MX$520m financing via a credit agreement between HSBC and Blue Marine Capital, as borrower.
  • Represented Atlantica in the closing of a €290m private placement of 1.96% senior secured notes.
  • Advised Leagold Mining on the sale and acquisition by Equinox of 100% of the issued and outstanding common shares of the company, as well as the granting of a new $130m convertible debenture issued by the combined entity to Mubadala, and its obtaining of a $500m facility from a syndicate of lenders to refinance existing credit facilities.

Greenberg Traurig, S.C.

International full-service powerhouse, Greenberg Traurig, S.C., houses a robust, 25-strong banking and finance practice in Mexico, which handles the full array of secured and unsecured financing transactions for a wide range of national clients, as well as US and other international players doing business in the country. The team -which is active representing a mix of both lenders and borrowers across the private and public sectors, particularly in corporate, project and real estate finance- is co-led by seasoned practitioner, managing partner José Raz Guzmán; and Juan Manuel González Bernal, who boasts notable expertise handling complex project finance transactions. Additional partner-level input and engagement comes from Rodrigo Orozco Waters, who has proven expertise in large sub-sovereign-debt restructurings and re-financings (working with both banks and states); Miguel Moisés, who is frequently sought out for structured financings, bilateral and syndicated loans, and the financing of industrial, commercial and residential real estate projects; and José Antonio Butrón, whose practice encompasses M&A, banking, project finance, capital markets, structured finance and securitisations. Senior associates David Argueta and Ana Acosta are other names to note.

Practice head(s):

José Raz Guzmán Castro; Juan Manuel González Bernal

Key clients

Banco Santander

Banco Mercantil del Norte (Banorte)

HSBC Mexico

Sabadell

Banobras

Citibanamex

BBVA

Autovía Queretaro

MXT Capital Partners

Bright Exchange

Work highlights

  • Represented Santander, BBVA and Banobras, as lenders, on the refinancing of Autopista Urbana Norte; deal value: $295m.
  • Advised MXT Captial Partners on a financed acquisition of telecom assets.
  • Represented solar panels company Bright Exchange in obtaining a secured credit facility from the Interamerican Development Bank and the Canadian Climate Fund for the Private Sector in the Americas, as well as on the restructuring of its existing credit facility with MGM.

Mijares, Angoitia, Cortés y Fuentes S.C.

Full-service Mexican firm, Mijares, Angoitia, Cortés y Fuentes S.C., maintains its place at the top thanks to its renowned banking and finance practice, lauded by clients for always been ‘extremely professional’, and for offering service of the ‘highest quality’. Both financial institutions and corporates rely on the 20-strong department, which undertakes the full array of financing structures for domestic and cross-border transactions, with a particular focus on project-, leveraged-, asset- and real estate finance, along with syndicated loans. Steering the team are: Ricardo Maldonado, who has broad experience in securities' regulatory matters; Pilar Mata Fernández, who regularly advises both sponsors and lenders on all aspects of project, structured and corporate finance (across the energy, infrastructure sectors, among others); Manuel Echave, who is very prominent in complex financing mandates; Ignacio Armida, who has noted cross-border capabilities; Francisco Ibañez and Martín Sánchez Bretón, who are praised for ‘their dedication’; Patricio Trad, who has 15 years as a partner at the firm and focuses on corporate and structured finance; and general corporate-finance practitioner Patrick Meshoulam, who made partner in April 2020. They are closely backed by Carlos Jiménez, promoted to the partnership in turn in July 2021, who has represented creditors and debtors in a number of financings both in Mexico and the United States, including syndicated loans and project finance.

Practice head(s):

Ricardo Maldonado; Manuel Echave; Martín Sánchez; Francisco Ibáñez; Pilar Mata; Ignacio Armida; Patrick Meshoulam

Testimonials

‘The team is characterised by a vision to close transactions with due care for the bank’s interests. They are always extremely professional and their service is of the highest quality. Their knowledge of the subject matter and the alternatives they propose to meet the bank’s standards is outstanding’

‘Partners Francisco Ibáñez and Martín Sánchez Bretón, stand out for their dedication and quality of service. The team’s associates also have extensive knowledge and are always looking for solutions and alternatives to close transactions in the bank’s best interests’

‘Their relationship with the bank’s internal teams and with the bank’s external clients is very good. Another point to highlight is the diversity they have in hiring people with disabilities’

Key clients

MetLife

Credit Suisse

Grupo Televisa

Altum Capital

Banco Sabadell

BanCoppel

Banco del Bajío

CitiBanamex

Grupo Axo

HSBC México

Deutsche Bank

Banco Santander

Red Amigo Dal (Konfio)

Nexxus Capital

Aleatica

H I G Capital

Work highlights

  • Advised MetLife on the financing for the acquisition of an industrial real estate portfolio by Walton Street Capital, for a total amount of $75.8m.
  • Represented a group of secured creditors, led by Deutsche Bank on the negotiation of the Chapter 11 restructure of Grupo Aeromexico, including the negotiation and execution of a settlement.
  • Acted for a subsidiary of Aleatica on the negotiation, drafting and execution of a loan agreement, regarding the highway “Autopista Urbana Norte” located in Mexico City, for an amount of up to MX$7,050m.

Nader, Hayaux y Goebel, SC

Nader, Hayaux y Goebel, SC offers one of the biggest teams in the market, with over 31 professionals operating in the banking and finance sector. The practice, with renowned project and corporate-finance expert Michell Nader at the helm, is praised for its ‘technical expertise and the ability to propose innovative solutions while always looking after the interests of clients’. It regularly represents a stellar list of global banks, financial institutions and corporate clients, advising on matters ranging from structured finance and securitization deals, equity placements, equity funds and leveraged buyouts, to leasing, corporate lending, real estate finance and project financing. Other key members of the practice include Hans Goebel, who has a strong background in banking law and regulations; Julián Garza , who is lauded by clients for being an ‘extraordinary lawyer’ and for offering ‘service of the highest quality’; Javier Arreola, who specializes in project finance and asset-backed financing; Eduardo Villanueva, who has niche expertise in real estate finance; Yves Hayaux-Du-Tilly, who focuses on the regulatory regime applicable to financial institutions; and José Humberto Rocha. However, former counsel Mónica Ramos moved in-house at Grupo Elektra in January 2021.

Practice head(s):

Michell Nader S.

Testimonials

‘The team is comprised of lawyers with technical expertise and the ability to propose innovative solutions while always looking after the interests of clients. They have a special ability to provide multidisciplinary advice. Undoubtedly, they stand out among other firms of the same level, especially for their quality of service.’

‘Eduardo Villanueva and his collaborators are extraordinary in their work. They have experience and recognition in the sector, unmatched technical knowledge and an empathy with the client that few lawyers have. They are surprisingly available and quick to respond, without neglecting the legal and integral side of the operation.In particular, Eduardo always knows the matters 120% and always maintains personalised attention.’

‘Julián Garza is an extraordinary lawyer, with a broad and deep knowledge of the subject matter and the industry, and who offers a service of the highest quality.’

‘All of its lawyers have extensive specialised knowledge in banking and finance. In addition, they have good client management and are skilled in closing transactions. I consider the firm to be above other competitors in this field.’

‘They have adapted very quickly to electronic communication methods.’

‘In-depth technical analysis and drafting of documents. In my opinion, partners Michell Nader and José Humberto Rocha have an outstanding level of experience.’

Key clients

Bank of America

Wells Fargo

HSBC

Metlife

BNP Paribas

Credit Suisse

Prudential

Barclays

BBVA México

CitiBanamex

Scotiabank

Rabobank

Bank of Montreal (BMO)

Banorte

Work highlights

  • Advised the ad hoc Group of Aeromexico Noteholders, as lenders, in Aeromexico’s $1bn DIP financing.
  • Advised BBVA Bancomer on a secured financing for an amount of $145m to Promotora Atardeceres del Pacífico.
  • Advised MREIT, as lender, on a secured financing extendedto Puerto Aventuras 2020, as borrower, and Panther Hospitality, as joint obligors, for the acquisition of a hotel located in Puerto Aventuras, Quintana Roo.

Ritch, Mueller y Nicolau, S.C.

Banking and finance work has arguably been the backbone of Ritch, Mueller y Nicolau, S.C.'s activity for over 40 years and the firm has tremendous expertise in such matters, with which it has established itself as the firm of choice for an impressive roster of financial institutions, assisting them with the financing of real estate, energy and M&A transactions, among others. The sizeable practice, which has recently also been active on the debtors' side, has taken the departure of senior partner Thomas Heather in its stride, promoting two new partners to the area; Gabriel Robles, who focuses on financing with a specialization in capital markets; and Alejandra Echevarría, who offers extensive expertise in energy. They both play a key role in the department co-led by experienced practitioners Jean Paul Farah and Pablo Perezalonso. The latter holds noteworthy expertise in financial derivatives' transactions and banking regulation, while Farah typically attends mandates involving secured and unsecured credit facilities. Partners Gabriel del Valle, who specializes in structured loans, private and public offerings of debt, equity and structured securities; and market veteran Luis Nicolau are the other notable members of the practice.

Practice head(s):

Jean Paul Farah Chajín; Pablo Perezalonso Eguía

Key clients

Japan International Cooperation Agency

BBVA

Credit Suisse

HSBC

Actinver

Santander

Work highlights

  • Advised the International Finance Corporation and Japan International Cooperation Agency on a $100m loan to IEnova to fund five solar-power plants in Mexico.
  • Advised BBVA on a $470m senior secured loan to Rassini.
  • Advised BBVA, Scotiabank, Santander and HSBC on an MX$1,800m loan granted to Grupo Gigante.

González Calvillo, SC

González Calvillo, SC houses a top-notch, 17-strong practice comprised of specialists with ‘extraordinary experience’ and who possess a ‘deep and up-to-date knowledge of financing issues’; they are at the ‘forefront of legal practices and adapt to the needs of their clients’. Valued for their business-oriented mindset, the practice assists with customary banking and finance work -including commercial lending, acquisition financing and project finance- through to regulatory banking matters. Key figures include seasoned practitioners Jose Victor Torres, who has a particular focus on syndicated loans; managing partner José Ignacio Rivero, who excels in cross-border finance; Jaime Cortés, who focuses on structured finance; and Juan Manuel Sancho Rodrigo, who is very active in all matters related to development banks. Counsels Antonio De Lisi; Alberto Bustamante (who is able to find ‘the most efficient, safe and practical way to resolve the issues’), and senior associate Jacinto Avalos, complete the well-rounded department.

Practice head(s):

José Víctor Torres; Juan Manuel Sancho Rodrigo; Jaime Cortés Alvarez; José Ignacio Rivero Andere; Bernardo Reyes Retana; Daniel Guaida

Testimonials

‘They have a great team made up of trained specialists who cover all the topics necessary to run a financing operation. They stay at the forefront of legal practices and adapt to the needs of their clients. Undoubtedly, their work stands out from other law firms’

‘They have a deep and up-to-date knowledge of financing issues. They handle matters with a modern and practical approach, always seeking the best solution for both the client and the matter’

‘We have worked with Alberto Bustamante on particularly complex financings. He has always demonstrated a great ability to understand the subject matter and the most efficient, safe and practical way to resolve the issues. He dedicates in a professional and responsible manner, the necessary time to the study of the subject’

‘The team brings together extraordinary experience, with excellence in knowledge and client relationship’

‘The total collaboration and integration in the structure and corporate life of the companies they work with make them highly knowledgeable about the needs of the clients’

‘Antonio de Lisi and his team make you feel at home when you work with them’

‘They have technological tools that have allowed us to handle legal matters despite the distance’

‘I would highlight José Ignacio Rivero and Jacinto Ávalos’

Key clients

Citibank and UMB Bank

Gentera

Grupo México

Grupo Resuelve tu Deuda

HIR Casa

Nordex

Rappi Mexico

Unicredit Bank

Work highlights

  • Acted as counsel to Citibank on the granting  of a series of loans (by a group of lenders) for a total amount of $285m, in favor of APR Energy.
  • Advised Nordex on the Mexican law aspects of three financings for various uses, secured by Nordex subsidiaries around the world involving 16 different jurisdictions.
  • Acted as counsel to Unicredit on the refinancing of a syndicated loan for an amount of €585m, granted in favor of  Fabbrica Italiana Lapis ed Affini.

Jones Day

According clients, ‘the attention of Jones Day's lawyers is outstanding;' and 'they always offer a quick response, with the right advice, depth and counsel’. This local office of this global player houses a 14-strong Mexican practice led by managing partner Manuel Romano, who primarily specializes in project finance, both in the infrastructure and energy sectors. Other key members of the team include Alberto de la Parra, who has a focus on structuring infrastructure and energy generation projects in Mexico; the head of energy, José Estandía, who specializes in project finance transactions for clients focused on power, renewable energy, natural gas, and hydrocarbons infrastructure; Javier Martínez del Campo, who has a broad securities and finance practice; and of counsel Antonio Franck, who actively represents development and private banks in retail financing and restructuring financing. 'Outstanding’ senior associate Arturo de la Parra garners praise, particularly for his ‘remarkable ability to negotiate and find the best agreements to solve problems’. The practice is supported by the firm's international network, and regularly works with other offices, particularly Madrid, New York and Miami.

Practice head(s):

Manuel Romano

Testimonials

‘The attention of Jones Day’s lawyers is outstanding. They always offer a quick response, with the right advice, depth and counsel. They properly assess and allocate the right team with the right expertise to each and every matter. They have demonstrated extensive knowledge in complex financing structures, and in resolving difficult situations’

‘Excellent team integration, everyone is aware of the status of any operation regardless of their rank’

‘All the lawyers of the firm show great professionalism, always looking for the most efficient way to work, they have a continuous approach with the Bank to provide support in different areas and are always willing to support looking for the best legal security in the transactions’

‘Arturo de la Parra is outstanding. He stands out for his experience, analysis, proposal of appropriate solutions, service and a remarkable ability to negotiate and find the best agreements to solve problems’

‘Arturo de la Parra and Salvador Gallo are always looking for the most efficient way to deal with any request and have excellent communication skills’

‘In the collaborative aspect it has helped us a lot that they are an international firm, as in several transactions we require support on issues in other jurisdictions (NY, Spain, Netherlands, etc.) and Jones Day supports us with immediate response’

‘They are ahead in the analysis to foresee contingencies and propose strategies. They ensure that experienced lawyers deal with matters first hand. They take care to answer and respond on time, which is a time-critical differentiator in closings’

Key clients

Invex Infraestructura

Grupo Gigante

Otras Producciones de Energía

Photovoltaica

Banco Santander Mexico

Band Banco Inbursa

Iberdrola Generación México

Vitol Electricidad de Mexico

Work highlights

  • Assisted Grupo Gigante with a new MX$1.8bn syndicated credit facility, secured by a security trust arrangement.
  • Advising Iberdrola’s subsidiaries regarding the $180m financing (provided by Bancomext-Nafin) of two self-supply windfarms energy projects that will be constructed in Palmar de Bravo, Cañada Morelos y Esperanza, Puebla, Mexico.
  • Advised Banco Santander in connection with the bridge financing and subsequent financing to Grupo México subsidiary Concesionaria Autopista Silao, required for the construction of the Libramiento-Silao toll-road.

Kuri Breña, Sánchez Ugarte y Aznar

With 30 years' experience, established market presence Kuri Breña, Sánchez Ugarte y Aznar delivers a seasoned banking and finance department, which offers a solid and competitive structured and asset-backed finance practice, while also demonstrating strong credentials in project finance and real estate related financing. The 12-strong department, which is hailed for being ‘proactive’ and for ‘collaborating with the client to provide a complete and comprehensive service’, advises both borrowers and lenders. Highlighted members of the practice include: founding partner Daniel Kuri Breña; senior partner Guillermo Garay, who regularly advises on financial restructuring transactions, syndicated loans, bilateral loans and cross border financing; Luis Octavio Núñez, a recognized figure in the real estate sector; Alejandro Sobarzo; Rodrigo López Márquez, who has specific expertise in representing Mexican development banks. At associate level, key support comes from seniors, Miguel Vallejo (securitisation transactions, finance plans, asset-backed structured finance and securities matters) and Silvia Roldán, who's previous experience includes two years in house at Scotiabank.

Practice head(s):

Daniel Kuri Breña; Guillermo Garay; Bernardo Luna

Testimonials

‘I would highlight the firm’s commitment to the transactions, as well as its degree of specialisation and precision in the execution of the documents. Also the collaboration of the firm and the interaction of its lawyers with all the stakeholders of the transaction’

‘Kuri Breña’s services are extremely good, highly experienced professionals, who always provide suggestions and are proactive in collaborating with the client to provide a complete and comprehensive service’

‘Luis Octavio Nunez Orellana and Rodrigo López Márquez have provided high level services in a complex negotiation, their dedication to the case and knowledge is remarkable’

Key clients

Banco FICOHSA

Altum /Lynx

BID Invest

Monroe Capital Management Advisors

Bancomext

Industrial and Commercial Bank Of China, México (ICBC)

JP Morgan Chase Bank

Banobras

Bafamsa

Vitro

Work highlights

  • Advised Banco FICOHSA Panamá on the structuring of a USD $5m loan agreement granted in favour of Bright Packaging.
  • Local counsel to Vitro’s Mexican subsisiary as a guarantor -along with certain Spanish subsidiaries- of a $180m notes issuance by Vitro’s US subsidiaries and acquired by The Prudential Insurance Company of America.
  • Advised on the structuring and negotiation of two bridge loans for amounts of $6m and MX$126m in favour of Medios Cattri for the acquisition of 75% of the shares of AdSpace Networks.

Santamarina y Steta

Fielding a 17-strong team, which is lauded for always being ‘attentive and readily available to serve its clients’, as well as its lawyers' ‘knowledge of financial legislation’, seasoned full-service firm Santamarina y Steta remains a solid presence in the banking and finance sector. A regular advisor to both lenders and borrowers, the practice handles a wide variety of finance projects, from preparing loan agreements and conducting loan restructurings with Mexican and foreign institutions, to the design and implementation of financial structures for international finance projects. The ‘exceptional’ Juan Carlos Machorro, who is well-versed in project finance, heads the department, with strong support from partners Alberto Saavedra; Sergio Chagoya, who has experience handling mandates from government entities; Ricardo Orea, who has represented various financial institutions on the financing of infrastructure projects in the energy, road, public healthcare and port sectors. Associate Margarita Casarin handles banking and finance matters as part of her broader practice.

Practice head(s):

Juan Carlos Machorro

Testimonials

‘Partner Juan Carlos Machorro is an exceptional lawyer, especially in financial contractual matters, with an absolute mastery of the issues he is consulted on.’

‘They are always attentive to our requirements, attending to them quickly and efficiently. Always attentive to the changes in the legal structures that we have requested during the negotiation of our matters.’

‘Very prompt, always there when you need them.’

‘Juan Carlos Machorro; Ricardo Orea: accessible; pragmatic. Margarita Casarin: fabulous. Reacts very promptly when needed; solid worker.’

‘The team at Santamarina y Steta is always attentive and readily available to serve its clients.’

‘Not only do they stand out for their knowledge of financial legislation, but also for their good time management with the authorities. They are excellent at it. The treatment and attention to their clients is outstanding. They are excellent in accompanying you through all the processes. Experience is everything.’

‘Practical, efficient solutions and with the satisfaction of having the peace of mind of good decisions.’

Key clients

International Finance Corporation

IDB Invest

Atlantica Yield

Abengoa

Banobras

DEG

Sumitomo Mitsui Banking Corporation

Abent

Banco Sabadell

Múltiple

Banco Multiva

Proparco

Oikocredit

Bancomext

Banco Santander

Banco Invex

White Summit Capital

Crédit Agricole

Work highlights

  • Represented Atlantica Yield regarding its first private green bond placement for approximately $320m.
  • Advised Atlantica Sustainable Infrastructure (formerly Atlantica Yield) on the execution of a note issuance facility agreement to fund the acquisition of certain ownership interests in a solar electric generation facility in Arizona, and an offshore gas compression platform known as “CA-KU-A1”.
  • Represented Banobras on the restructuring of several loans granted to Prodemex, in the context of the crisis generated by Covid-19.

White & Case S.C.

Housing a highly-regarded banking and finance practice that is always ‘a guarantee of excellence’, international full-service firm White & Case S.C., is a frequent choice for some of Mexico’s best-known corporate entities, as well as many leading local and international financial institutions. With notable expertise as regards regulatory mandates, the large team, which ‘possesses a high degree of specialisation, client knowledge and timely and unbeatable attention’, also advises on syndicated and revolving credit facilities (and their refinancing) and secured and unsecured loans, among other financing modes. Senior partner Vicente Corta is highly experienced on both the transactional and regulatory sides of the practice; he co-heads the department with Juan Antonio Martin, whom clients regard as ‘a true leader in banking matters’. Other key practice partners include Maria Teresa Fernández-Labardini, who advises on a wide range of banking regulatory matters; Manuel Groenewold and Carlos Mainero, who are both well known in the market; and Andrés Mosqueira, who made partner in January 2020 and is praised for his ‘great professional acumen and a broad business vision’; he too has a regulatory focus, particularly in connection with payment systems, securities and fintech products and services.

Practice head(s):

Juan Antonio Martín; Vicente Corta

Testimonials

‘Juan Antonio Martin is a true leader in banking matters’

‘They have a solid knowledge of the banking and financial sector. I have worked with partner Carlos Mainero and have had an excellent experience. Their team possesses a high degree of specialisation, client knowledge and timely and unbeatable attention’

‘They have extensive knowledge and experience in international financial transactions, an excellent level of English as well as the ability to clearly explain technical legal issues to non-lawyers’

‘An excellent firm with an impressive availability of human resources. The lawyers are experienced and knowledgeable’

‘Working with White & Case in this practice is a guarantee of excellence. The extensive experience of its partners and associates, allows you to anticipate that the matter whose accompaniment you have selected, will be perfectly well attended. In every consultation, no matter how simple it may seem, they get to the bottom of it, analysing all the implications related to it. In addition, his extraordinary business acumen allows him to propose alternative, effective and efficient legal solutions’

‘Manuel Groenewold has a wealth of experience that always adds up to the resolution of any legal matter. Andrés Mosqueira, in addition to having long and varied experience, has great professional acumen and a broad business vision, which results in an extraordinary professional service. They are always a pleasure to work with, both as a team and individually’

Key clients

Citigroup

Scotiabank

JP Morgan

BNP Paribas

Grupo Financiero Banorte

Visa

ConCrédito (and its shareholders)

Afluenta

Morgan Stanley

BlackRock

The Vanguard Group

Work highlights

  • Advised Banorte on the obtaining of the relevant authorisations and favourable opinions of Mexican authorities to proceed with the mergers of certain financial entities of the Group.
  • Represented BlackRock in connection with investment advisory services, asset management, ETFs management, general regulatory compliance, derivatives and other activities it carries out in Mexico.
  • Onging advise to Morgan Stanley on a wide range of banking regulatory matters.

Chávez Vargas Minutti Abogados

Chávez Vargas Minutti Abogados has been steadily deepening its footprint in the banking & finance realm throughout its 11-year presence in the market. The nine-strong practice, which is led by managing partner José Antonio Chávez and co-founding associate -today name partner- Brian Minutti (who has a particular experience in public finance, mortgage-backed securities and fintech), is well-known for its work with states and municipalities, and expertise advising on sub-sovereign financial matters, real estate development, and social and energy infrastructure projects. Also noted is Alejandro Carreño, promoted to the partnership in 2021, who has a focus on real estate, regularly advising banks and debtors in credit transactions and warehousing credit facilities. He also frequently acts for rating agencies authorised in Mexico. Senior associates Diego Medina and Jimena Pulliam, who usually operate on the banks’ side in relation to structured and real estate loans, are additional names to note.

Practice head(s):

José Antonio Chávez Vargas, Brian Minutti Aguirre

Testimonials

What makes this practice unique is the personalised attention of its partner Brian Minutti. All of its lawyers are very well prepared, as in most firms of this type, but they know that their mission is to resolve the matter from beginning to end.

Their way of pricing is very flexible. On the client side that is a great attribute.

Key clients

Banco Santander México

Construcciones MS

Tierra y Armonía

Tulum Properties

Banco Nacional de Comercio Exterior

Apex Capital

Fondo Capital Infraestructura

ION Financiera

Banco Multiva

Autofinanciamiento de Automóviles Monterrey

Work highlights

  • Advised Construcciones MS in securing credit with several banks through a private bidding process.
  • Represented Fondo Capital Infraestructura on an investment in a public hospital infrastructure project through debt instruments.
  • Advised Autofin Monterrey on a credit transaction to allow Autofin to grant more credits to its clients.

Garrigues

Spanish international behemoth, Garrigues, fields a thriving Mexican banking and finance practice, applauded for being ‘very approachable’ and for offering ‘a great service attitude and pro-business mindset’, which covers project and structured financing, commercial bank lending and regulatory matters as well as ongoing operational advice to banks and multilaterals. Heading the 15-strong department, Mario Juárez stands out for his expertise on infrastructure projects, as well as on secured and unsecured loans. Other key members of the team -which boasts notable cross-border capabilities, include Gabriela Pérez Sierra, who brings her ample expertise in energy and infrastructure finance to the table; and principal associate Miguel Ángel Rocha.

Practice head(s):

Mario Juárez

Testimonials

‘The team is very approachable, has a great service attitude and a pro-business mindset’

‘We chose to work with them because of the service of the team’

‘We work with Mario Juarez and Miguel Angel Rocha, both are always available, easy to schedule calls or meetings with, they are great negotiators and are clear in detecting risks and proposing solutions’

Key clients

International Finance Corporation

Blue like an Orange Sustainable Capital Fund

Deutsche Investitions (DEG)

UniCredit Bank

Mezzanine Mexico Uno

Servicios Compresión de Gas CA-KU-A1

Beel Infra

Goldman Sachs

Inter-American Investment Corporation

IKB Deutsche Industribank

Industrializadora Integral Del Agave

Work highlights

  • Advised IFC on several loans granted to Banco Agrícola in El Salvador, including A and B Loans, a Trust Loan and a WCS Loan, for the total value of $285m.
  • Advised German development bank DEG on the acquisition of MX$400m sustainable bonds issued by Vinte Viviendas Integrales in the Mexican Stock Exchange and guaranteed Vinte’s subsidiaries.
  • Advised Servicios Compresión de Gas on the refinancing of an offshore gas compression platform for the Ku-Maloob-Zaap oil field located in Campeche Bay, Mexico.

Holland & Knight

Holland & Knight´s robust Mexican banking and finance practice, which is lauded for its ‘experience, permanent updating and direct involvement of the partners’, stands out for its proven track record representing banks in public finance matters, specialised cross-border commercial lending and energy and infrastructure finance. Steering the nine-strong department, which also boasts expertise in sub-sovereign and real estate finance, we find partner Alejandro Landa, who has a wide range of experience representing lenders on all matters related to financial transactions, including project finance, and securitisations.  Fellow partners Adrián Gay; Guillermo Uribe, who is well-known for his expertise in real estate and FIBRA transactions; and senior counsel José Luis Villareal, who focuses on structured finance, securitisations and project finance; are other key members of the well-rounded department.

Practice head(s):

Alejandro Landa

Testimonials

‘Alejandro Landa Thierry is highly specialised in financial (banking) and securities law, he understands the legal structure as well as the financial models since within his technical background he is also an engineer, which allows him to understand all aspects of each transaction. Finally, it is clear from Alejandro’s credentials that he is always up to date on financial, securities and any other topics that are trending and contribute to his practice’

‘Holland & Knight sincerely offers the best cost service / benefit ratio in the market’

‘Alejandro Landa & Rosa Maria Cuevas have gone above and beyond in their mindful support of our work. Their attention to detail and commitment is impressive and moving. Could not be happier with the help their legal team provides’

‘The lawyers at Holland & Knight are distinguished by their experience, permanent updating and direct involvement of the partners’

‘The team is absolutely at the forefront of the clients’ needs, so the continuity in the pandemic was good, the firm continues without any delay given its sophisticated technological platforms in all areas’

‘Partners have extensive experience in complex and sensitive matters. Their understanding of transactions to identify their inherent risks and the proposal to mitigate them is exceptional. It is undoubtedly a firm that ranks in the select niche of the best in Mexico for the technical quality of its partners’

‘They handle well the relationship with counterparties when dealing with sensitive issues that may be blocking a transaction. The lawyer’s ability to convince the counterpart with good arguments is essential’

‘The willingness of the partners to sit down and understand the transaction, as well as the presentation of alternative or “think-out-of-the-box” proposals, is an outstanding plus that is found in few law firms. The best qualities are the skills to listen, to understand, and to go the extra mile and to propose’

Key clients

Banco Santander México

HSBC Bank USA

Wells Fargo Bank USA

Fibra Uno

Banco Multiva

World Impact Foundation

Fibra Inn

Work highlights

  • Avised Fibra Uno in connection with a secured $500m syndicated loan from a banking syndicate led by BBVA and HSBC Securities (USA).
  • Advised Banco Multiva on three loans, two for the Mexican State of Sonora and one for the Mexican State of Yucatán, for an aggregate amount of approx. $20m.
  • Advised Banco Santander on several transactions throughout the year, including a syndicated loan of approx. $50m; a secured loan, corporate and project facilities of approx. MX$400m; and a syndicated loan of $210m.

Robles Miaja, SC

Founding partner Rafael Robles, a reputed market player with a vast experience in the finance and securities areas, sits at the helm of Mexican boutique Robles Miaja, SC. The firm enjoys a solid track record working with both lenders and borrowers, boasting considerable cross-border capabilities and expertise handling syndicated loans. Partners María Luisa Petricioli Castellón and Gerardo Pérez-Chow are other key figures of the practice, which works with a handful of core clients and a number of important financial institutions.

Practice head(s):

Rafael Robles

Baker McKenzie Abogados, S.C.

International full-service giant Baker McKenzie Abogados, S.C., is a regular advisor to lenders, borrowers, arrangers and guarantors, and excels notably when handling complex cross-border transactions involving several jurisdictions. Supported by the firm's global network, the nine-strong local practice headed by partners Gaspar Gutierrez-Centeno and Lorenzo Ruiz de Velasco, boasts particularly strong expertise in project finance and syndicated credit facilities. Key support comes from Alfonso Martínez-Bejarano, who was promoted to partner in January 2021, and is a very active asset of the team, bringing to the table his focus on fintech, regulatory compliance and real estate finance (including syndicated loan facilities). Former partner and department co-head Carlos Sagaón moved to DMA Legal in September 2020.

Practice head(s):

Gaspar Gutiérrez Centeno, Lorenzo Ruiz de Velasco

Testimonials

‘Very good service, willingness and understanding of the business.’

‘Alfonso Martinez very good.’

Key clients

Weatherford International

Betterware

Banco Nacional de Obras y Servicios Públicos

MiddleGround Capital

Japan Bank for International Cooperation

Comerica Bank

Arnecom

Fondeadora

Worldpay by FIS

Adyen

Work highlights

  • Assisted Weatherford International, as borrower, with the granting of Mexican security interests in order to secure Weatherford’s obligations, valued at $715m.
  • Served as lead counsel to Betterware in all matters related to its business combination with DD3 Acquisition Corp. valued at $367m.
  • Representing Banobras, as lender, in the renegotiation and financing for development costs of Tract 4.1 of the Autopist Los Remedios – Ecatepec  highway project; value: $285m.

Bello, Gallardo, Bonequi y García, S.C.

Bello, Gallardo, Bonequi y García, S.C.'s ‘excellent’ team specialises in providing comprehensive compliance services to banks, receiving most of its mandates from financial institutions (both local and international) for lending, regulatory and compliance work - particularly relted to data matters. The department, which has also developed a significant fintech practice, includes notable practitioners Miguel Gallardo Guerra, who focuses on finance, banking, compliance, anti-money laundering and securities matters; Juan Bonequi, who specialises in litigation in relation to the finance sector; and of counsel Adolfo Hegewisch who is also currently acting as head of legal and compliance at Deutsche Bank México; he and Gallardo garner praise for being ‘outstanding lawyers with a great knowledge of their areas’. Senior associate Javier Pérez specialises in banking and finance, insurance and reinsurance, fintech and insur-tech, regulatory compliance, anti-money laundering, and healthcare.

Practice head(s):

Miguel Gallardo-Guerra

Testimonials

‘The team at BGBG is excellent. They have been able to advise us on very specific topics related to the financial industry, always with a high level of attention’

‘BGBG is very up to date on new issues such as those related to fintech and trade finance law in Mexico’

‘Miguel Gallardo and Adolfo Hegewisch are two outstanding lawyers with a great knowledge of their areas’

‘Miguel Gallardo’s attention is close and friendly which makes a professional relationship easier and more fluid. He is always willing to answer calls and emails no matter the time and day because he knew the importance of the operation for us. If the regulatory authority made changes, he was ready to address the comments, either directly or through his senior attorney’

‘We have been working with BGBG for more than 14 years, in different areas, mainly financial and corporate. From the partners to the trainees, all of them are characterised by a very personal, friendly and service-oriented approach. They know the companies in detail, they know what we need and our way of thinking’

‘Miguel Gallardo Guerra, is distinguished by his excellent relationship with clients, always prepared and anticipating our needs; he manages a first class team. Federico de Palacio, knows the companies in detail, Alejandra Lobato has an excellent attitude and Monica Barrios, as compliance officer, rigorously ensures that the companies meet all the requirements of the authorities, avoiding problems and fines’

‘The firm’s vocation was mainly financial services and its good results have led it to grow in other areas, but without losing its specialisation and personalised attention’

‘I was surprised by the technology they use in their opinion and document templates. I had not seen it at other firms’

Key clients

AirBnB

Alternativa Financiera Prosesa

Amicorp México

Banco Inmobiliario Mexicano

CitiBanamex

Banco Santander

Banco Mercantil del Norte

MUFG

Bloom Emprendedores

Braskem México Proyectos

Capital Vertical Promotora Empresarial

Crecer Solución Inmediata

Credisocial México

Credit Suisse

Crédito Especializado Stándar

Crédito Real

Daimler Financial Services

Deutsche Bank México

Deutsche Securities

Element

Engenium Capital

Finae

Finalux

Fincrece

Grupo Capital Vertical

Impulso Crediticio Empresarial

Industrial and Commercial Bank of China Mexico (ICBC)

Mercado Libre

Morgan Stanley México

Multi-Apoyos de Capital

Mutua Altiplano

Palace Resorts Capital

Sabcapital

Servicios Liquick

Structura Capital Management

UBS Asesores México

Vinta Capital

Vision F México

Evo Payments

Banco Multiva

Volkswagen Leasing

Femsa

Nu Bank

Pagsmile

Exka

HDF Energy

Medius Collection

Merceron Capital Limited

Rianta Capital Zurich

World Quest Holdings

Federación Mexicana de Futbol

Pemex

Drip Capital Mexico

Work highlights

  • Ongoing assistance to Citibanamex in Mexico regarding multiple transactions.
  • Assisting Deutsche Bank with regulatory matters during its sale process in Mexico, including preparation and implementation of anti-money laundering provisions and compliance with Mexican financial authorities.
  • Ongoing corporate and banking legal audit services provided to Banco Santander.

CMS Woodhouse Lorente Ludlow

CMS Woodhouse Lorente Ludlow maintains a steadily-growing presence in the banking and finance sector, thanks to its solid practice, which handles credits, regulatory mandates, and demonstrates particular strength in project finance, driven by the firm's expertise in the areas of energy and infrastructure. The team handles a full array of financing for different industries -such as roads, hospitals and airports- on both the lenders' and borrowers' sides - although the team is appearing increasingly frequently for banks, development banks and other financial institutions. The January-2020 arrival of Raúl Zepeda undoubtedly broadened the practice's spectrum, particularly strengthening its capability in financial regulatory issues. Zepeda works closely with fellow partner César Lechuga, who specialises in all aspects of the financing of real estate, infrastructure and energy projects. Senior associates María José Estrada (who focuses on project finance); and Héctor González Martínez, provide key support to the team, which also handles fintech related matters.

Practice head(s):

Raúl Zepeda

Testimonials

‘Hector Gonzalez is pragmatic, clear in his advice and responsive, and a pleasure to work with’

Key clients

Bankaool

Transfer

Tu Dinero Digital

Scotiabank Inverlat

BanCoppel

Banco Mercantil del Norte

Davidson Kempner European Partners

Fondeadora 2.0

ION Financiera

Quiero Casa

WRB Serra Partners Fund

Banco Inbursa

Bancomext

MOTA-Engil México

Work highlights

  • Advised BanCoppel on the acquisition of certain lending portfolio and fundraising from Banco Famsa.  
  • Acted as special counsel to Banco Mercantil del Norte on the mortgage loan portfolio securitisation carried-out by Fovissste, known as Tfovicb 2ou.
  • Advised WRB Serra Partners on the domestic legal aspects of a loan granted in the US for the expansion and consolidation of the development of its Mexican JV.  

Cuesta Campos y Asociados S.C.

When it comes to banking and finance, there are some who consider full-service Mexican firm, Cuesta Campos y Asociados S.C., as ‘the most competitive firm in Guadalajara’. Also operating from offices in Mexico City and León, the eight-strong practice led by founding partner Hugo Cuesta, partner Azucena Marín and senior associate Andrés Urquidi, evidences its expertise handling asset-based lending transactions, syndicated loans, project and asset financing, and secured credit transactions, as well as public and private debt securities offerings. Clients praise the lawyers' capacity to work under pressure and for their ‘great legal knowledge on international issues’, which they frequently put to use acting as co-counsel with overseas law firms on major transactions, and advising foreign banks and lenders doing deals in Mexico.

Practice head(s):

Azucena Marín

Testimonials

‘As a private equity fund focused on international acquisitions, Cuesta Campos seems to us to be the most competitive firm in Guadalajara. They are fully up to date with international documents and processes’

‘In the last international acquisition we did, Cuesta Campos was involved in the process of raising a major financing with one of the largest banks in the United States. They gave us a lot of confidence because their team was already familiar with everything the bank asked for and because of the way they handled the relationship with the bank’s team’

‘We got to work with Hugo Cuesta, Azucena Marin and Andres Urquidi. They all showed great legal knowledge on international issues. We had to work under great pressure due to the closing times and the team delivered everything before the required time and there were no setbacks’

‘Cuesta Campos has shown a good balance of rigorous work, attention to detail, and efficiency. They work diligently to respect deadlines and even beat them. They do not waste time, effort, and money with endless formalities and get straight to the point’

‘I worked mainly with Jesus Bueno. He was diligent, which is the best word to describe him. He always confirmed receipt of our requests immediately and made us confident that quality work was being done without us having to follow up. He was our sole point of contact and managed his time diligently and efficiently’

Key clients

JP Morgan

Bank of America

HSBC

Export Development Canada

SPDR – World Group

DMI-Capital

Robertson Marketing

Work highlights

  • Represented JP Morgan on the release of liens on assets of a global leader in the manufacture of automotive seats and that were part of a security agreement for a $1.5bn loan.  
  • Advised the Canadian Imperial Bank of Commerce on the drafting of termination and release agreements regarding several security interests and pledge agreements.  
  • Advised HSBC on the funding and implementation of security and guaranties under an amended loan agreement to a corporate group involving US and Mexican entities, acting as borrowers.

DLA Piper Gallastegui y Lozano

DLA Piper Gallastegui y Lozano has been steadily strengthening its practice over the course of its time in the Mexican market, to the point where it has a 12-strong department focused on a full array of finance transactions, whether local or cross-border. Partners Edgar Romo, who is praised for being ‘well-versed in banking matters and a great lawyer’; and Diego Martinez, who is skilled in regulatory banking mandates, co-head the team. The practice represents both financial institutions, and the debtor/borrower side (frequently with public companies), regarding credit facilities, structured finance, project finance, securities offerings and restructurings. Other key members of the practice include counsel Manuel Hallivis, who is ‘very good at handling hotel financings’; and senior associate Adolfo Obregón.

Practice head(s):

Edgar Romo, Diego Martínez

Testimonials

‘A good, friendly team to deal with. Knowledgeable to negotiate’

‘Partner Edgar Romo is very well-versed in banking matters and is a great lawyer in the sector. Manuel Hallivis is very good at handling hotel financings’

‘DLA Piper’s banking and financing practice in Mexico has become a strategic partner for us. Their willingness, technical knowledge and conciliatory yet firm style are elements that stand out and have allowed us to reach important agreements with our creditors’

‘They have transparent and timely invoicing processes and make good use of technology to work, particularly during the Covid-19 pandemic’

‘Xavier Mangino has been our advisor and secretary to the board of directors for many years. As of 2018, Edgar Romo has been our ally in all banking and financial matters. The work required of the firm has undoubtedly been of a high level of complexity, particularly the negotiations with our creditors in a complex context in which the restaurant industry has found itself derived from the Covid-19 pandemic’

‘They are empathetic, have the technical knowledge and a collaborative style that allows them to reach agreements that other colleagues might find difficult’

Key clients

Alsea

Grupo Sports World

Crédito Real

Giddings Fruit

ePesos

IDB Invest / Inter-American Development Bank

US International Development Finance Corporation

Bancomext

Banobras

Oyo Rooms

Work highlights

  • Represented Alsea in the renegotiation and refinancing of Alsea’s debt before Mexican and international banks.
  • Advised Crédito Real on obtaining a $50m line of credit from Barclays Bank.
  • Represented Giddings Fruit, as borrower, in a $90m private placement.          

Hogan Lovells

Operating from its offices in Mexico City and Monterrey, Hogan Lovells´s Mexican banking and finance practice, is renowned for advising both lenders and borrowers on regulatory and transactional work, with a particular emphasis on sub-sovereign finance, mainly thanks to the reputed expertise held by Monterrey-based partner René Arce in these sort of mandates. Fellow partner Federico de Noriega, specializes on cross-border financing, project finance and asset-backed loans, supported closely by counsel Aldonza Sakar, who is also skilled in senior secured credit transactions. Backed by the firm´s large international network, they department regularly advises foreign banks; states and municipalities; non-traditional lenders such as funds and SOFOMs; and fintech companies.

Practice head(s):

René Arce Lozano; Federico De Noriega

Key clients

US International Development Finance Corporation

Banco Santander

MGM Innova Capital

Mercado Lending

BNP Paribas

International Finance Corporation

Inter-American Investment Corporation

Work highlights

  • Hogan Lovells (New York and Mexico City) represented US International Development Finance Corporation in a $100m loan to Crédito Real.
  • Hogan Lovells (NY and Monterrey offices) advised the IDB Invest in providing a $65.5m loan to Arzyz Metales.
  • Hogan Lovells (Monterrey office) advised Metrorrey, the state owned entity in charge of the metro lines in Nuevo León, on a dual credit facility worth a total of $115m.

Mayer Brown Mexico, S.C.

International firm Mayer Brown Mexico, S.C. has established a solid Mexican banking and finance practice that focuses exclusively on transactional matters and that has made significant inroads into the fintech space of late. The team, which garners praise for its ‘availability’ as well as for being ‘fast and proactive’, includes partners Raúl Fernández-Briseño, who boasts a strong track-record acting in this sector - especially with banks and private equity funds - and energy expert Ariel Ramos. Well-known too, for its regulatory advice, the practice focuses on securitisation, structured finance, chain finance supply, banking (financial institutions and fintech), and remains active in capital markets matters, primarily cross-border debt issuance. Associates Aldo Jáuregui (who is experienced in M&A and structured finance deals), and Julio Martínez, are other active members of the practice, which can also call of the firm's broader office network.

Practice head(s):

Raúl Fernández-Briseño

Testimonials

‘The practice has great expertise in receivables financing.’

‘They are fast and proactive. In terms of technology and collaboration they are excellent, the invoicing is clear and justified.’

‘They are available whenever they are needed.’

‘Their availability and ability to solve problems and explain complex issues easily is remarkable, as well as the extensive technical knowledge of partner Raul Fernandez. I would also highlight Ariel Ramos and Julio Martínez.’

‘They have a very specialised team with knowledge of Mexican banking preferences for energy project finance products.’

‘They act either on behalf of the banks’ lawyers or on behalf of the investor depending on the deal on one side or the other. This makes them knowledgeable about the interests of both parties.’

Key clients

BCP Securities

Credit Suisse

Jefferies

Banco Sabadell

Nomura Corporate Funding Americas

Greensill Capital

Exitus Capital

Scotiabank Inverlat

Alloy Merchant Finance

Coface Finanz GmbH

Citibanamex

Goldman Sachs

HSBC México

BNP Paribas

Coöperatieve Rabobank

MUFG Union Bank

Whirlpool

Otay Tijuana Ventures

Work highlights

  • Represented Citibanamex, as lender and security agent, in a $250m reserve-based lending transaction -only the third such deal in Mexico- granted to Petrobal.
  • Represented BNP Paribas in a $100m financing for Sigma Alimentos.
  • Represented Scotiabank, as lender, in a MX$400m senior loan granted to MXT Tucan Towers.

Von Wobeser y Sierra, SC

Clients laud the practice at full-service firm Von Wobeser y Sierra, SC for its perfect understanding ‘important financial and business concepts’, which the lawyers put to use while advising on regulatory mandates, as well as on issues related to financial transactions, credit and debt restructurings, and project finance (among other matters). Another client highlights the team's expertise in ‘payment methods and payment solutions’ and for its ‘knowledge of the regulators' criteria’. The six-strong team, which regularly advises debtors, lenders and guarantors, both domestic and foreign, is led by senior partner Luis Burgueño, who understands ‘the specific needs of the financial sector’; and Alberto Córdoba, who also co-leads the energy practice. Other active members of the team include Alejandro Orellana and Gloria Martínez, promoted to partner and counsel, respectively, in January 2021. Former practice-head Andrés Nieto exited to Creel Abogados, SC in May 2020.

Practice head(s):

Luis Burgueño; Alberto Córdoba

Testimonials

‘Excellent team. Their knowledge is not only limited to law but they understand important financial and business concepts perfectly and that gives them an advantage in solving the client’s needs’

‘Luis Burgueño has a great knowledge of the market and a great ability to understand the specific needs of the financial sector. We are impressed by how highly coordinated the team is and how willing they are to work with other firms’

‘I have worked on multiple occasions with different lawyers from the firm and so far I have not had a negative experience with any of them. I consider them to be very proactive and their responses have always been delivered on time. In addition, the solutions presented were very creative’

‘They always offer a very transparent and competitive budget, and leave no grey areas where one as a client is afraid of unpleasant surprises when it comes to billing’

‘Something that distinguishes Von Wobesser from other firms in Mexico is their extensive experience with German clients. They understand the German culture, and provide prompt and concise answers and pragmatic solutions’

‘The firm clearly supports diversity’

‘Luis Burgueño and Diego Sierra are two highly competitive lawyers’

‘They stand out for their specialisation in various matters, in particular in means of payment methods and payment solutions. They stand out for their solid legal advice, knowledge of the regulators’ criteria, their quick adaptation to the market and its changes and most importantly their great service attitude. I would highlight the following partners and associates: Luis Burgueño, Rodolfo Trampe and Gloria Martínez’

Key clients

Accendo Banco

BAC Florida Bank

BNEXT

China Construction Bank

Daimler Financial Services

Elavon

Enerflex

Evo Payments

Fairplay – Freedom to scale

Faurecia Sistemas Automotrices de Mexico

Grupo Modelo

JP Morgan Chase

Landesbank Baden-Württemberg (LBBW)

Nexu

PrimeroPay

Orlegi Sports

The Coca-Cola Export Corporation

TuTasa

WEX

Marinsa

Samvardhana Motherson Automotive Systems Group

Work highlights

  • Advising on the design, structuring and formation of a PE fund that will deploy raised capital through the granting of mezzanine loans to Mexican companies and assisting with the structuring and documenting of the loans to be granted.
  • Currently advising Mexican shipping company Marinsa -which operates in the oil & gas industry in Mexico- on the restructuring of its liabilities and reorganisation out of insolvency.
  • Represented the ad hoc group of lenders in a $1bn distressed financing transaction, which included a credit and guaranty agreement between various original lenders, as secured parties, Covia Holdings as borrower, and FSB, as administrative and collateral agent.

Basham, Ringe y Correa, S.C.

Basham, Ringe y Correa, S.C.  fields a five-strong banking and finance practice group, considered by a client as ‘excellent to work with’ and led by partners Miguel Angel Peralta and Pedro Said. Peralta is regularly sought out by clients for his expertise on syndicated loans and other financing transactions, IPOs, securitisations, and financial regulatory matters; while Said focuses on national and international transactions, including structuring and reorganising financings, guarantees and securities.

Practice head(s):

Miguel Angel Peralta; Pedro Said

Testimonials

‘Excellent to work with. Knowledgeable, cost efficient, good delivery.’

Key clients

Crown Holdings

Crown Cork & Seal

Bank Leumi le-Israel

Microvest

HSBC Corporate Trustee Company

JP Morgan

Work highlights

  • Represented ten of Crown Holdings’ Mexican subsidiaries on the restructuring of a $1.1bn loan.
  • Advised Crown Cork & Seal (and certain Mexican subsidiaries) on the amending of a Receivables Purchase Agreement for a loan of more than $15bn from Rabobank.
  • Represented Commerzbank on the granting of a loan to Eissmann Automotive Deutschland, with its Mexican subsidiary as a guarantor.

Cuatrecasas

Spanish full-service firm, Cuatrecasas, has established a steadily more relevant banking and finance practice since its arrival to the market five years ago, especially as regards corporate finance, restructurings and energy and infrastructure project-finance. The seven-strong practice, backed by the firm's international platform, is led by co-managing partner León López, who handles project finance for a full array of project types. He is closely supported by partners José Higinio Núñez, who has a focus on project, corporate and acquisition finance; and Liliana Corzo, who specialises in project financing for infrastructure and public services, and has particular expertise in the financing and restructuring of municipal, state and federal public debt.

Practice head(s):

León López

Key clients

Codere México

Fondo Capital de Infraestructura

Opdenergy

Gobierno del Estado de Veracruz

Bankia

Caixabank

Ganzi

Franslux

Iberostar Hoteles y Apartamentos

BBVA Bancomer

Work highlights

  • Advisingthe Mexican state of Veracruz on refinancing its public debt, acting as structuring agent in the transaction and providing consultancy services on legal and credit issues.
  • Advising Codere México on the €165m second tranche of  the €250m new super senior bonds due September 2023, issued by Codere Finance 2 (Luxembourg).
  • Advising Fondo Capital de Infraestructura on the restructuring of its financing and liabilities.

Curtis, Mallet-Prevost, Colt & Mosle S.C.

Since Curtis, Mallet-Prevost, Colt & Mosle S.C. opened its Mexican office in 1991, this international firm has maintained a steady presence, developing a strong banking and finance practice with a focus on financial and other commercial transactions. Although best known for advising state-owned entities on infrastructure and project financings, with a particular focus on the oil-and-gas sector, the practice led by partner Rodrigo Valverde Sánchez has stepped up its work with private-sector clients, counselling commercial borrowers, issuers, lenders and investors. Valverde, who garners praise for having a ‘deep and sensitive knowledge of the sector’, primarily advises on Mexican and cross-border corporate, structured, and project finance transactions.

Practice head(s):

Rodrigo Valverde Sánchez

Testimonials

‘Rodrigo Valverde and Abraham Sosa have a deep and sensitive knowledge not only of the sector in general but also of the specific issue.’

‘I would highlight above all their willingness. They are always willing and very present and attentive to the clients.’

‘Considering the new situation generated by the pandemic, they have adapted very well maintaining close contact, and of course the response time has been the same.’

Key clients

Banobras

Bancomext

Nacional Financiera

PNC Bank

Dentons López Velarde

Dentons López Velarde represents both lenders and borrowers in project and corporate financings in Mexico, including commercial banks, multilateral agencies, export credit agencies and Mexican development banks. The practice is led by partner Amanda Valdez who, while highly experienced in project finance transactions for the energy sector (particularly in the gas and power industries), also handles financing transactions related to other business sectors. These mandates include cross-border corporate financings for industrial groups that have operations in Mexico, where the firm's global capabilities play a key factor.

Practice head(s):

Amanda Valdez, Jorge Jimenez

Testimonials

‘The team is always available to attend to requirements, always with the best attitude’

‘What sets them apart is definitely their customer service’

‘Despite the multiplicity of cases they handle in the office, they manage and remember perfectly the information of our cases, which allows us to obtain direct and precise answers in a simple communication to improve the efficiency of our processes’

Key clients

Coöperatieve Rabobank

Accial Capital

Corporación Interamericana para el Financiamiento de Infraestructura (CIFI)

IDB Invest

Nacional Financiera

Banco Mercantil del Norte

Oikocredit

Raiffeisenbank

Bank of Montreal

Monachil

K-Exim

Societé Generale

Work highlights

  • Represented CIFI in connection with the structuring, negotiation and closing of a project finance deal for the financing of a solar power project.
  • Assisted Accial Capital with the negotiation and closing of up to five credit facilities for five non-regulated financial institutions that are active in the Mexican consumer credit sector.
  • Represented IDB Invest in connection with a senior, secured loan facility to Mercader Financial, for up to MX$400m.

FLAG (Finance Law Advisory Group)

Two years after making its appearance in the market, Mexican boutique firm FLAG (Finance Law Advisory Group), remains an interesting choice for both local and cross border transactions, advising a roster of national and foreign financial entities, including commercial and development banks. Market expert Boris Otto, and partner Adrián Cabrero, front the practice, which handles a broad array of matters, including bilateral and syndicated financings, guaranteed and unsecured loans, and is also capable as regards structured finance mandates.

Practice head(s):

Boris Otto, Adrián Cabrero

Key clients

Typhoon

Goldman Sachs

Intercam

UBS Casa de Bolsa

MXC Capital

Grupo Gayosso

Blink Soluciones de Capital

MexCap Partners

Work highlights

  • Advising Grupo Financiero Intercam on financing and capitalisation from a German development bank.
  • Represented Typhoon in the negotiation and implementation of a structured limited-recourse revolving financing by Banobras.
  • Advised Grupo Gayosso on a MX$1.65bn  loan to  to prepay an existing CPPIB facility.  

Jáuregui y Del Valle, S.C.

Jáuregui y Del Valle, S.C., boasts a ‘very versatile’ banking and finance practice, valued by clients for its ‘availability and technical mastery’. A prominent figure in the practice, Alberto Balderas has ‘great knowledge’ on the fintech front where he has been active assisting companies with their regulatory matters regarding payment networks. Fellow partner Fernando Alonso-de-Florida co-heads the well-rounded department, which is also experienced in securitisations; secured-, project- and real estate finance; and leasing and structurally enhanced products, along with corporate lending, distressed financial assets, derivatives and trading.  

Practice head(s):

Alberto Balderas; Fernando Alonso-de-Florida

Testimonials

‘Alberto Balderas’ great knowledge of something as new as fintech has been extremely helpful. I would highlight his willingness to keep learning and to understand the business before giving his opinion, as well as his willingness to listen to other points of view and to be able to work together for the good of the project’

‘The team led by Alberto Balderas is very experienced and open to solving day-to-day problems. They offer a portfolio of solutions for every situation’

‘The team was able to successfully adapt to the complications brought about by the pandemic with technological tools. They are very versatile lawyers who provided us with solutions to the problems that arose’

‘Alberto Balderas was the most outstanding, distinguishing himself for his experience and creativity in solving problems. At all times he made sense to us with the proposals presented to us, showing a lot of experience, legal logic and specialisation in the area of practice’

‘They offer availability and competence, as well as collaboration and technical mastery’

Key clients

PayU Latum

Bank of Montreal

Stenn International

Rappi, Inc  / RappiPay México

Optal Financial

PrimeiroPay

Banco Santander México

Work highlights

  • Ongoing advise to aggregator company PayU Latam in connection with all regulatory matters in Mexico applicable to participants of payment networks.
  • Advised Rappi on the obtaining of authorisation from Comisión Nacional Bancaria y de Valores (CNBV) allowing RappiPay to be organised and operate as an electronic funds payment institution under Mexican fintech legislation.
  • Advised Banco Santander on the MX$1.6bn acquisition of merchant-payment solutions company Elavon México for (approximately $86 million).

Pérez Correa González

The banking and finance muscle of the former SOLCARGO (dissolved in December 2020) now operates under the name of Pérez Correa González. The new firm houses a five-strong department, co-led by partners Jorge Labastida, who boasts some notable capabilities in this sector, especially regarding asset-backed and structured finance (including project and real estate finance); and Fernando Eraña, whose practice focuses primarily on cross-border finance (secured and unsecured) and venture capital financing; the group regularly advising fintechs, start-ups and non-bank financial institutions, as well as public and private corporations.

Practice head(s):

Jorge Labastida; Fernando Eraña

Key clients

United States International Development Finance Corporation (Bien Para Bien)

BMO Harris Bank

Credit Suisse Mexico, Asset Management Division

Sumitomo Mitsui Banking Corporation

Work highlights

  • Represented Credit Suisse Asset Management Mexico (CSAM), in all related due diligence, waivers, and collateral re-configuration related to loans totalling approximately MX$1bn, granted by CSAM to Mexarrend.
  • Represented BMO Harris Bank on the Mexican components of a partly cross-border, secured, revolving borrowing-base facility to National Kwikmetal and NKS Properties (as borrowers), and NKS Mexico Holding (as a guarantor).
  • Regular advisors to SMBC regarding financial regulatory matters and transactions in Mexico – which includes, among other matters, corporate, regulatory and compliance upkeeping of SMBC’s local non-banking lending subsidiary.

Sánchez Devanny

Sánchez Devanny acts as a regular advisor for banks, borrowers, and investors on the structuring of their financing transactions. The firm's international experience has given the practice substantial hands-on expertise on cross border loans and the creation of securities in Mexico, along with syndicated multi-jurisdictional loans and bond issuances. The department is jointly-led by Monterrey-based partners Ernesto Silvas-Medina, who focuses on mergers and acquisition financing and restructuring; Francisco Andres Gamez-Garza, who primarily handles commercial lending for the industrial sector; and real estate financing expert Diego Gómez Haro, who operates from Mexico City. Key support comes from senior associate Jaime Moreno-Treviño.  

Practice head(s):

Diego Gómez-Haro Katznelson; Francisco Andres Gamez; Ernesto Silvas-Medina

Key clients

Constantia Flexibles Holding

Barclays Bank

JP Morgan Chase Bank

KeyBank National Bank

Bancomext

Akbank TAS

Banque Pictet

Ikano Industry

Libbey Glass

Metal Technologies of Indiana

Work highlights

  • Advised Libbey Glass on the refinancing and restructuring plan for Libbey Incorporated, under Chapter 11 petition.
  • Assisted IKANO Group, which operates IKEA’s business in Mexico, obtain a $52m green loan to build a furniture manufacturing plant in northeast Mexico.

Vázquez Aldana, Hernández Gómez & Asociados

The Guadalajara-based Vázquez Aldana, Hernández Gómez & Asociados has more than 70 years in the market, during which time it has accumulated a wealth of experience in banking and finance matters. The department, which is one of the core areas of the firm, is managed by Felipe Vazquez Aldana and Fernando Hernández Gómez, who consistently work on the lenders' side, covering a range of loans and other financial transactions, including securitised credits involving mortgages and trust securities. Senior associate Guadalupe Llamas López provides key support.

Practice head(s):

Felipe Vazquez Aldana; Fernando Hernandez Gomez

Testimonials

‘Working with the firm is a real pleasure. Efficiency and responsibility in their work are their hallmarks’

‘Exceptional teamwork, efficiency in dealings with various governmental agencies’

‘I would highlight their efficiency, responsibility, sense of urgency and human warmth’

Key clients

Citibanamex

Bansi

Banregio

HSBC

BBVA Bancomer

Work highlights

  • Ongoing advice to regarding the credit operations or corporate structures for borrowers prior to lending in order to confirm legal risks.
  • Ongoing advice to Bansi regarding the design of the legal structure for the granting of loans and the collateral securities required to guaranty repayment, as well as assisting with the preparation and formalisation of transaction documents.
  • Advising Banregio on the design of the legal structure for the granting of loans and the collateral securities required to guaranty re-payment, as well as assisting with the preparation and formalisation of transaction documents.