According to one recent client, Creel, García-Cuéllar, Aiza y Enríquez, S.C.’s capital markets team stands out for its ‘dedication, availability and creativity’, and has achieved ‘excellent results in record time’. Skilled at representing issuers, underwriters, pension funds and other institutional investors on both debt and equity transactions, the group’s expertise also encompasses CKD listings, Fibra Es, SPACS and mortgage REITs. Practice head Carlos Aiza is renowned for his extensive capital markets experience; Rodrigo Castelazo leads on the practice’s key matters, including a recent highlight advising GM Financial on the reopening of its first and second long-term issuance of notes as recurring issuer. Carlos Zamarrón advises clients on private and public structured financial and capital markets transactions – he and his colleagues are praised for their ‘deep knowledge of local laws’; Mercedes Haddad takes care of structured finance, asset securitisations and derivative transactions. Partner Eduardo Flores Herrera left the firm, effective July 2022.

The ‘first-rate’ capital markets practice at heavyweight Mexican firm Galicia Abogados S.C. offers the full range of counsel on domestic and international capital markets transactions, with notable experience in project bonds, international debt offerings, IPOs and follow-on offerings, local debt transactions, public M&A transactions, asset securitisation and other structured products. The ‘business-oriented, proactive and up-to-date’ team advises both issuers and underwriters; clients appreciate the firm’s strength in other practice areas such as banking and finance and corporate and M&A, in addition to the ‘impeccable service’ it provides. The ‘outstanding’ Guillermo Pérez Santiago co-heads the practice along with the experienced Maurice Berkman. Partner Carlos Obregón Rojo joined from Ritch, Mueller y Nicolau, S.C. in June 2022, and María Ángeles Padilla - who focuses on debt and equity offerings and securities regulations - was promoted to the partnership in January 2023. Former senior associate José Alejandro Cortés moved in house in April 2023.

Clients sing the praises of the capital markets group at Mijares, Angoitia, Cortés y Fuentes S.C., citing its ‘deep knowledge of the law and the regulatory authorities’ and its ‘openness and willingness to come to the aid of the client’. The ‘dedicated’ team advises on securities offerings, debt and equity issuances, FIBRAs, CKDs and CERPIs; and provides counsel to issuers, underwriters, structuring agents, investors and rating agencies. The practice is co-led by veteran practitioner Ricardo Maldonado; Patricio Trad, who has broad experience in corporate transactions and structured finance matters; Manuel Echave, who advises on transactions such as securitisations, and capital and debt issuances; and Martín Sánchez, who regularly represents issuers and underwriters in equity issuances and structured equity transactions. Other partner names to note are Patrick Meshoulam, who oversees debt and equity transactions, and Carlos Jiménez Cantú, who handles public and private debt and capital offerings.

‘Willingness, knowledge and experience’ are the calling cards of the team at Nader, Hayaux y Goebel, SC, which is also described as being ‘always up to date’ and providing ‘excellent customer service’. The practice is well-versed in capital markets transactions such as securitisations and structured finance, equity placements, IPOs, tender offers and equity fund leveraged buyouts. Companies from the financial, aerospace and construction sectors, non-bank financial institutions and international banks dominate its client list. Michell Nader single-handedly leads the practice and provides first-rate counsel on the gamut of capital markets transactions; he recently advised Vinci Airports on the acquisition of a 29.9% ownership interest in Grupo Aeroportuario del Centro Norte (value: $819.5m). Julián Garza is experienced in matters involving securitisations, equity issuances, CKDs, FIBRAs and CERPIs; Hans Goebel has niche specialism in security issuances; Gunter Schwandt is praised as an ‘excellent lawyer’ whose perspective is ‘orientated towards the best interests of the client’s business’ –  he has participated in high-profile securitisations and has strong knowledge of CKDs and FIBRAs. Ana Paula Telleria specialises in innovative private placements, CKDs and FIBRAs, and much of her transactional work is real estate-related. Partner Hector Arangua left the firm in January 2023.

Ritch, Mueller y Nicolau, S.C. houses an ‘interdisciplinary team with deep knowledge of the Mexican capital markets arena’ that represents issuers, international and local broker-dealers and investment banks in private and public offerings of debt and equity securities by Mexican issuers - primarily on the international markets. In the domestic arena, the group’s expertise encompasses equity, debt and structured securities offerings, including asset-backed securities, CKDs, CERPIs, FIBRAS-E (MLPs), real estate FIBRAs and bank capitalisation notes. The practice is co-led by well known figure Luis Nicolau, who is deeply experienced at assisting underwriters and issuers with debt and equity offerings; and Gabriel del Valle Mendiola, who handles private and public offerings of debt and equity securities. The partners maintain ‘excellent relations’ with clients; other key contacts include Gabriel Robles Beistegui, Pablo Perezalonso Eguía and Jean Paul Farah Chajín. Senior associate Ernesto Talamás is also noted. Partner Jose Berrueta Ochoa left the practice in June 2022.

The team at Gonzalez Calvillo  handles all manner of capital markets' matters, working with government agencies and self-regulating organisations (such as the Mexican Stock Exchange), as well as corporates, to handle Mexican and international securities' offerings, and advise on financings. The practice represents both issuers and holders of securities such as FIBRAs, FIBRAs E and CKDs; recent work highlights include representing Bursamétrica Casa de Bolsa before the Comisión Nacional Bancaria y de Valores, challenging the imposition of administrative fines. Working on an equal partnership basis, the team’s four partners co-lead: José Victor Torres Gómez who is experienced in complex cross-border transactions, financing and securities; co-managing partner José Ignacio Rivero Andere; Bernardo Reyes Retana, who focuses on advising AFORES, FIBRAs and FIBRAs E; and Daniel Guaida who has particular expertise regarding the structuring of publicly traded private equity funds. Since publication, both Torres Gómez and Guaida have left the firm (effective April 2024), subsequent to which the firm has announced an agreement to merge into Spain's Pérez-Llorca.

The expertise of the capital markets practice at Greenberg Traurig, S.C. encompasses IPOs, debt offerings, structured securities (FIBRAs, FIBRA-Es, CKDs, CERPIs) and the representation of SPACs. The team demonstrates ‘great subject knowledge’, and has experience representing issuers, underwriters, financial institutions and venture capital funds in domestic and cross-border securities offerings, leading cases in a ‘methodical and structured manner’. An experienced trio heads up the practice, comprising José Raz Guzmán, who is knowledgeable on public and private offerings of equity, debt, structured instruments, FIBRAS, CKDs, SPACs and securitizations; FIBRA-E structuring expert Juan Manuel González; and project finance-focused José Antonio Butrón. Of counsel Gabriela Palomino supports on corporate, infrastructure and project finance matters; senior associate David Argueta is an additional key contact.

Kuri Breña, Sánchez Ugarte y Aznar‘s capital markets practice specialises in advising bond issuers and financial intermediaries on the design and implementation of securitisation structures for several kinds of assets, in addition to issuances of equity and debt instruments. Founding partner Daniel Kuri Breña, who designed and implemented the first securitisation of trade receivables in Mexico, co-leads the practice; he specialises in securitisations and other structured financing transactions. Alongside him, Álvaro Sarmiento Lapiedra handles structured financing transactions and the issuance of debt instruments, as do Miguel Vallejo (promoted to partner in February 2022), and of counsel José Alejandro Casas Farías. Since publication, Sarmiento has left the firm (effective January 2024).

The ‘business-focused’ capital markets practice at Santamarina y Steta combines ‘good industry knowledge’ with a ‘pleasant manner’ and provides counsel on debt and equity offerings, public tender offers and matters involving FIBRAs and CKDs. Sergio Chagoya advises lenders, sponsors, borrowers and rating agencies on private equity and venture capital investment in infrastructure projects, public offerings, securitisations and privatisations; he co-leads the practice alongside securities, capital markets and M&A expert Alberto Saavedra. Diego Ostos, who participates in debt issuances and M&A transactions, is an additional name to note. 2022 saw the departure of associates Esteban Soto and Iñigo García in August and September, respectively; but also the arrival of senior associates Elias Zaga Belzer and Juan Pablo Rodríguez Sada in October. Since publication, Rodríguez Sada has moved to Santos Elizondo - effective as of October 2023.

White & Case S.C. houses a strong capital markets team whose work covers the range of transaction types, with particular expertise in debt and structured finance matters. Its experience includes advising investment funds on subordinated notes issuances, and also counts major international banks, and energy and aviation companies among its clients. Juan Antonio Martín steers the department and has led on the firm’s recent key cases; a figure of note in capital markets in Mexico, his practice is focused on securities, domestic and cross-border financings, securitisations and derivatives. Eduardo Flores Herrera, who joined the practice in July 2022, has garnered praised from clients for having ‘great experience in the equity market’ and offering ‘tried and tested solutions to complex problems’. Narciso Campos, who rejoined the firm in September 2022, assists on capital markets and regulatory matters, as does Carlos Mainero. Counsel Eric Quiles brings valuable experience and assists with securities and bond issuances. Manuel Groenewold left the firm, effective December 2022.

The capital markets practice at Chávez Vargas Minutti Abogados specialises in securitisations, FIBRAs, CKDs, capitalisations and equity issuance, and is instructed by brokerage firms and commercial lenders such as SOFOMES, as well as state-run housing fund FOVISSSTE. Brian Minutti Aguirre steers the practice and advises clients on all types of public securities offerings and the constitution and legal planning of different companies and private equity funds. Recent work highlights include providing counsel to state-owned financial credit institution Fonacot on a bond issuance to fund productive consumer loans for women.

Holland & Knight’s capital markets practice advises corporations, funds and trusts, as well as financial institutions, on public and private issuances to obtain financing through the stock market. The team has experience regarding the capital and debt issuances of REITs, FIBRAs and capital development certificates (CKDs), and is led by well-known figure Guillermo Uribe - who focuses on banking and securities law and real estate investment trusts. Adrián Gay’s practice has an emphasis on REITs, SPACs and CKDs; key associate Jorge González Carlini is active on real estate and financial matters. March 2022 saw the arrival of four lawyers from DLA Piper Mexico: ex-practice head Xavier Magnino, who handles securities law matters; senior counsel Elena Ibarrola; and associates Alejandro Briceño and Cristobal Ortiz Monasterio.

The practice at the Mexico office of full-service multinational giant Jones Day ‘works well as a team’ to advise Mexican issuers and underwriters on debt and equity offerings, and provide counsel on the establishment of mutual funds, pension funds, and brokerage firms in Mexico. Silvia Malagón heads up the practice and brings substantial capital markets experience to the table, having represented numerous local financial entities and the Mexican affiliates of many international financial institutions. Of counsel Carlos Sámano supports with asset-backed securities offerings and tender offers.