Capital markets in Mexico

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

Standing strong at the forefront of the market in Mexico for capital markets deals, Creel, García-Cuéllar, Aiza y Enríquez, S.C.'s sizable practice garners praise for its ‘high level of work and commitment. Steering the ‘proactive and open-minded’ department we find senior partner Carlos Aiza, a top choice for issuers and underwriters for advice on both debt and equity transactions. He is closely supported by a group of experienced partners, including Mercedes Haddad, experienced in advising sponsors on public listings of capital development certificates (CKDs) in Mexico; Rodrigo Castelazo, who is praised for his ‘deep knowledge of the regulation’; Carlos Zamarrón, who boasts a high level of expertise in both capital markets and banking and finance; and Eduardo Flores, considered by one client as ‘the best partner to execute a capital markets transaction in Mexico’.

Practice head(s):

Carlos Aiza


‘They are the most experienced team in the market regarding matters related to structuring private equity funds, both in the public markets through CKDs or CERPIs and through private vehicles’

‘The combination of knowledge of capital markets regulation and his complete availability and involvement at all stages of the project make Eduardo Flores the best partner to execute a capital markets transaction in Mexico’

‘High level of work and commitment’

‘Quality and knowledge. I would highlight Eduardo Flores and Jorge Escalante’

‘In-depth knowledge of capital markets. Proactive and open-minded to solve any problem, without beating around the bush and with a language suitable for non-lawyers to understand. Diligent and quick to respond, and with a very pleasant team to work with’

‘I would highlight Carlos Zamarrón, Jorge Correa, Rodrigo Castelazo, Luis Salomon, Christian Dorantes’

‘Rodrigo Castelazo and Andres Barroso showed at all times a deep knowledge of the regulation, as well as a great willingness to discuss ideas and improve the legal structure of the operation’

‘Creel has a large number of partners and associates who cover transactional issues related to our equity and debt needs. They stand out as a full-service firm covering all possible legal angles for a company in the Mexican public market”

Key clients

Promecap Acquisition Company

FIBRA Prologis

Cox Energy América

Impulsora del Desarrollo y el Empleo en América Latina

J.P. Morgan


Casa de Bolsa Banorte

Casa de Bolsa BBVA Bancomer

Citigroup Global Markets

El Puerto de Liverpool

Grupo Rotoplas


Scotiabank Inverlat


Beel Infra


Afore Sura


Lock Capital Solutions

Credit Suisse Asset Management

Work highlights

  • Acted as counsel to Acosta Verde’s listing in the BMV and the reverse merger of PAC as extinguished merged entity, with Acosta Verde as surviving entity.
  • Acted as special Mexican counsel to Cox Energy in the IPO of the renewables company.
  • Advised Telesites and Opsimex on the Mexican real estate investment trust designed to invest in telecom towers and on the first IPO in the telecom industry in Mexico.

Galicia Abogados S.C.

Lauded for its 'enormous knowledge of the market', Galicia Abogados S.C.'s reputable capital markets practice covers the full range of legal services regarding domestic and international transactions, advising both issuers and underwriters in mandates such as bond and note offerings, IPOs and securitisation programmes. Heading the 10-strong team we find partners Guillermo Pérez Santiago, a trusted ally according to some clients and their ‘go-to partner’; and Maurice Berkman, who focuses on securities and financing transactional work. Other noted members of the practice include senior associate José Alejandro Cortés, who regularly represents issuers and underwriters in domestic and international equity and debt public, private and restricted offerings and securitisations.

Practice head(s):

Maurice Berkman; Guillermo Pérez Santiago


‘It is a firm with enormous knowledge of the market and one that we trust enormously. It is definitely our first call when we have a need’

‘Diversity and collaboration are very evident in their culture and way of working. They are always up to date with the standards in the market and that makes us always trust them a lot’

’The trust we have in Guillermo Perez Santiago is absolute, he is our “go-to” partner’

Key clients

BofA Securities

CEGE Capital

Goldman Sachs

Credit Suisse

Abertis Infraestructuras

GIC Special Investments


JP Morgan

Grupo Palacio de Hierro

Morgan Stanley

Grupo Profuturo

Organización Soriana

SMBC Nikko Securities America

Citigroup Global Markets

Mizuho Securities USA

Work highlights

  • Advised the underwriters regarding the registered offer and sale by Coca-Cola (issuer) of $1,250m principal amount of its 2.750% senior notes due 2030.
  • Acted as deal counsel and advised Contigo as originator, structuring agent and underwriter in connection with the public offering of trust certificates notes.
  • Advised the underwriters on the secondary public offering by CPP Investment Board Private Holdings, a subsidiary of Canada Pension Plan Investment Board, of 284,531,874 certificates, equal to 74.86% of the outstanding certificates of Fibra-E.

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. boasts a sizable and well-rounded capital markets practice ‘comprised of highly skilled individuals offering exemplary service’. The 18-strong team handles the full range of transactions - including CKDs, investment project securitisation certificates (CERPIs) and real estate investment trusts (FIBRAs) - for issuers, underwriters, structuring agents, investors and rating agencies, while also maintaining a solid presence in regulated sectors. The department, which also offers notable cross-border expertise, is comprised of experienced practitioners like practice heads Ricardo Maldonado, Martín Sánchez, Patricio Trad and Manuel Echave, who are closely supported by a second line of younger partners, including Patrick Meshoulam, who brings his acquired skills and experience with debt and equity transactions, and Carlos Jiménez and Francisco Glennie, both promoted to partner in 2021. Associate Victoria Dicktiar is another active member of the team.

Practice head(s):

Ricardo Maldonado; Patricio Trad; Manuel Echave; Martín Sánchez


‘I would highlight the extensive experience of its partners, their personal and direct involvement, their ability and facility to interact with foreign institutions (financial and/or legal), as well as their ability to team up with the counterparties’ legal advisors’

‘Knowledge, availability and depth of teams. Ricardo Maldonado and Patrick Meshoulam are outstanding partners’

‘The practice is comprised of highly skilled individuals offering exemplary service. Their work has consistently placed them in the highest regard in their field. Their specific knowledge and know-how is leading in their field’

‘Recently, they have added the publication of legal newsletters to their service offering, which we clients appreciate, as it both alerts us to changes in the environment and whets our appetite for more in-depth information’

Key clients


Controladora Vuela Compañía de Aviación (Volaris)

Altum Capital


Fibra Monterrey


Bio Pappel

Infraestructura Energetica Nova (IEnova)

Grupo Famsa

Be Grand

Banco Compartamos

Operadora de Servicios Mega

Grupo Televisa

HSBC Securities


Banco Santander

Credit Suisse

BofA Securities

JP Morgan



Work highlights

  • Advised Altum Capital, a leading private debt fund providing structured credit to SMEs and non-bank financial intermediaries in Mexico, in relation to the additional issuance of CKDs under a capital call scheme listed on BIVA.
  • Acted as counsel to Fibra Mty, as the manager of real estate investment trust number F/2157, the first 100% internally managed real estate investment trust, in its first offering of certificados bursátiles fiduciarios (Cebures).
  • Acted as Mexican counsel to Controladora Vuela Compañía de Aviación (Volaris) in its primary follow-on offering of up to 134,000,000 of its ordinary participation certificates (certificados de participación ordinarios or CPOs).

Nader, Hayaux y Goebel, SC

A safe bet when it comes to capital markets, the accomplished 14-strong practice at Nader, Hayaux y Goebel, SC, is sought out and lauded for its ability to operate as ‘an extension of the in-house legal team’, as well as for its ‘great knowledge and experience’ in this field. Headed by the experienced Michell Nader, the department covers the full spectrum of capital markets mandates, from securitisations and structured finance to equity placements, IPOs and equity fund leveraged buyouts, while also boasting proven experience in CKDs and FIBRAs. Comprised of renowned practitioners, the practice includes Julian Garza (who handles securitisations, equity issuances, CKDs and FIBRAs); ‘stand out’ partners Hans Goebel and Hector Arangua; Gunter Schwandt (active in CKDs and securitisations); and the latest addition to the partnership, Ana Paula Telleria, who has a focus on securities and capital markets. Partner Diego Sanchez Villarreal left the firm in 2021.

Practice head(s):

Michell Nader


‘They are an extension of the in-house legal team. They take the time to thoroughly understand the nature of our business in order to provide us with the most efficient solutions’

‘They are always at the forefront, Hector Arangua and Hans Goebel stand out. Julián Garza is also recommended’

‘Very good experience! They adjust to the client’s needs, are well coordinated, meet deadlines and always look out for their client’s interests’

‘Very good value for money proposition, they are looking for a long term relationship and not just a one off’

‘They have great knowledge and experience in these types of transactions’

Key clients




Artha Capital

Bank of America



Banco Santander



Total Play

CKD Infraestructura Mexico


Fibra Storage

Work highlights

  • Advising MercadoLibre in connection with its inaugural $1.1bn debt offering in the US.
  • Advised Total Play on the placement of $575m senior notes, and on the creation of an MX$5bn securitisation programme.
  • Advised real estate company Murano on the establishment of the first multi- CERPI registration in Mexico; the five-year programme is intended to be established for an amount of MX$20bn.

Ritch, Mueller y Nicolau, S.C.

Ritch, Mueller y Nicolau, S.C. is a well-established firm with, according to a client, a ‘dominant team in the capital markets arena’. Headed by Gabriel del Valle Mendiola and Luis Nicolau, who shows prowess handling debt and equity securities mandates, the sizable department primarily advises issuers and underwriters on equity and debt offerings in the national and international markets. Structured products, including financial instruments such as CKDs, CERPIs and FIBRAS-E, are also key focus areas for the department. Carlos Obregón Rojo, who excels in a wide range of mandates, including sovereign bond issuances and note offerings; Pablo Perezalonso; and the recently promoted Gabriel Robles, who has experience advising issuers as well as underwriters in the structuring of equity and quasi-equity public offerings and their issuances, are also distinguished members of the practice.

Practice head(s):

Luis Nicolau; Gabriel del Valle Mendiola


‘Dominant team in the capital markets arena’

‘They provide timely responses and have a great willingness to answer questions’

‘Very good attitude and relationship, they are one of the best practices in the industry’

‘Gabriel del Valle, Gabriel Robles and Luis Nicolau are very approachable, they always try to find solutions’

Key clients

BofA Securities

Goldman Sachs

J.P. Morgan Securities

Mexico Infrastructure Partners

Morgan Stanley & Co.

Banco Santander México

Citi Group Global

HSBC México

Vector Casa de Bolsa

Industrias Peñoles

Fibra E-Orión

Fresnillo plc

BNP Paribas Securities

MUFG Securities

Scotia Capital (USA)

Credit Suisse Securities

SMBC Nikko Securities

Tierra Mojada

Evercore Group

Work highlights

  • Represented BofA Securities, Goldman Sachs and J.P. Morgan Securities, as representatives of the underwriters, in the offering by Fomento Económico Mexicano of $1,500m of its 3.500% Notes due 2050.
  • Advised Barclays Capital, BBVA Securities and others on the exchange offer by Petróleos Mexicanos, to exchange certain outstanding securities for new issues by Pemex of new USD-denominted notes due 2031 and 2060.
  • Represented FEL Energy VI, a Tierra Mojada affiliate, in the issuance of its senior secured notes in the amount of $953m; and in a $170m loan to Tierra Mojada.

González Calvillo, SC

González Calvillo, SC´s capital markets department has seen an increase in work related to project bonds and green bonds, while remaining considerably active representing issuers and underwriters in local and cross-border securities transactions and associated regulatory matters, securities such as FIBRAs, FIBRA-Es (related to energy and infrastructure projects) and CKDs. The practice, ‘which manages to combine the hands-on work of young partners with the leadership of a longstanding partner’, includes notable practitioners such as Jaime Cortés Alvarez, very experienced in the securities market; José Victor Torres, who for some is ‘one of Mexico's top lawyers’; co-managing partner José Ignacio Rivero; and Bernardo Reyes Retana, who according to a client is ‘a young partner who is on track to be one of the leaders in the capital markets sector in the coming years’. Senior associate Francisco Álvarez is also noted.

Practice head(s):

José Víctor Torres; Juan Manuel Sancho; Jaime Cortés Alvarez; José Ignacio Rivero; Bernardo Reyes Retana


‘An excellent team of lawyers that manages to combine the hands-on work of young partners with the leadership of a longstanding partner’

‘Bernardo Reyes Retana is a young partner who is on track to be one of the leaders in the capital markets sector in the coming years, proactive, dedicated and with excellent technical knowledge’

‘Jose Victor Torres is one of Mexico’s top lawyers, with extensive knowledge of the sector and a very important insight, with very strong and meaningful opinions that reflect his long track record in the sector. He is also available around the clock’

‘Knowledge of the transactions and the legal framework’

Key clients


Barclays Bank

FIBRA Prologis

Hir Casa


Navistar Financial

NR Finance Mexico

Soluciones Integrales TBY

Profuturo Afore

Urbi Desarrollos Urbanos

Work highlights

  • Represented FIBRA Prologis in its green bond and placement on the Mexican Stock Exchange of the first USD-denominated green/sustainable bond ever made in Mexico registered before the CNBV.
  • Represented NRFM in the process of carrying out the cancellation of its registration before the RNV (National Securities’ Registry) with respect to the long-term bonds listed in the BMV (Mexican Stock Exchange).
  • Providing continuous advice on Aleatica’s corporate and corporate management obligations under the stock market regulations.

Greenberg Traurig, S.C.

Greenberg Traurig, S.C., highlighted by a client as ‘a fast-paced, result-oriented law firm that will take you from point A to point B until a transaction is closed’, houses a renowned capital markets practice, which regularly advises both issuers and underwriters on the gamut of equity and debt mandates, including CKDs and CERPIs. A securities expert and reference in the market, José Raz Guzmán heads the department together with fellow partner Juan Manuel González Bernal, who is highly experienced in project finance transactions, particularly in the domestic and cross-border securities market. José Antonio Butrón, who garners praise for working ‘around the clock protecting at every step the client's interests’; and senior associate David Argueta, who offers ‘unparalleled personalised attention’, are other noted members of the 19-strong team.

Practice head(s):

José Raz Guzmán; Juan Manuel González Bernal


‘The team is very business oriented and finds modern solutions to current problems’

‘Cordial treatment, attention to detail and a highly trained team’

‘David Argueta distinguishes himself because he is not only very competent but also very practical and able to reconcile the positions of the parties’

‘José Raz and David Argueta are lawyers with technical capacity, ability to propose innovative solutions but without neglecting the legal side, always seeking to provide multidisciplinary advice.’

‘In the case of David Argueta, his professional and personal quality is reflected at all times; he remains at the forefront, accompanying clients with unparalleled personalised attention, punctual follow-up and always proactive’

‘Proximity and availability at all times to attend to the transaction’

‘A fast-paced, result-oriented law firm that will take you from point A to point B until a transaction is closed. They work 24/7 until they reach the final goal and with a high standard’

‘Jose Antonio Butron is a young yet very talented lawyer who works around the clock protecting at every step the client’s interests. He is always available’

Key clients

BNP Paribas

Morgan Stanley


JP Morgan

BofA Securities


DD3 Acquisition Corp

Red de Carreteras de Occidente (RCO)

Landscape Acquisition Company

Planigrupo Latam

Work highlights

  • Representing the underwriters in the offering by América Móvi of $1bn 2.875% senior notes due 2030.
  • Representing the lead underwriters in connection with the initial public offering of the Mexican REIT established by Grupo Sordo Madaleno.
  • Represented BBVA, acting as deal counsel, in three issuances and public offerings of bank bonds directly issued by BBVA in the Mexican Stock Exchange.

Jones Day

Lauded for offering ‘a first-class service’, the Mexican capital markets practice at international powerhouse Jones Day comprises a seven-strong team focused on advising local issuers and underwriters on debt and equity offerings, as well as in the establishment of mutual funds, pension funds and brokerage firms. Fronting the department we find the ‘highly competent, extremely collaborative and pro-business’ Silvia Malagón, who specialises in fund-related transactions, while of counsel Antonio Franck and practice co-head Carlos Sámano focus mostly on securities offerings. Backed by the firm's international network, the team garners praise for being ‘very dedicated’ and for making matters ‘flow in an agile and appropriate manner’.

Practice head(s):

Silvia Malagón; Carlos Sámano


‘They have a lot of experience in this practice and are always at the forefront’

‘Silvia Malagón is not only highly competent, but also extremely collaborative and pro-business’

‘A first-class service. Silvia Malagón is in charge of a good team of lawyers in the field’

‘Silvia Malagón is always available when we need her no matter the time’

‘They have extensive knowledge of the provisions and processes applicable to the securities market which makes the issues we deal with flow in an agile and appropriate manner’

‘Silvia Malagón and Carlos Samano are very professional, attentive and helpful in finding solutions together. The treatment is very good’

‘They are very dedicated to their clients and are always attentive to any requirement or doubt and when it arises they attend to it in an outstanding way’

Key clients

Operadora de Fondos Banorte

Operadora Valmex de Fondos de Inversión

SAM Asset Management

Fondos de Inversión Multiva

Afore Invercap

Scotia Fondos

Crédito Real

Comisión Federal de Electricidad


Total Play

Work highlights

  • Acted as special local counsel to Crédito Real, as issuer, in the establishment of a $1.5bn medium-term note programme.
  • Advised CFE in the fifth, sixth and seventh tender offer of long term certificates up to an amount of MX$10bn under the connected vessels mode and the protection of an authorised placement programme in favour of the company.
  • Advised the initial buyers of senior notes issued by Total Play for the amount of $575m identified as 7.500% senior notes due in 2025.

White & Case S.C.

Capital markets is one of the core practices for White & Case S.C.Comparative Guides promotional icon‘s Mexican office; in this field, it has a sizable team with a solid track record handling a broad array of transaction types and regulatory mandates, with a particular strength in debt operations. As part of a global firm, the department also benefits from having access to a considerable office network. Juan Antonio Martin, who has a focus on securities, and receives praise for his ‘high ethical standards’, co-heads the department with fellow partners Vicente Corta and Manuel Groenewold, who specialises in securities offerings, subordinated notes, FIBRA-Es, CKDs and other structured securities. 2021 kicked off with significant promotions in the team, such as that of partner Carlos Mainero, who concentrates in capital markets and financial regulatory advice; and counsel Eric Quiles, who also provides key support.

Practice head(s):

Juan Antonio Martín; Vicente Corta; Manuel Groenewold


‘Juan Antonio Martín is an excellent lawyer with high ethical standards. He is able to understand and solve very complex problems and explain them in a simple and practical way. He has great knowledge of the market. He is definitely always our first choice as an external lawyer’

‘They have a great integration between areas of the firm, which allows for effective interaction between different areas’

Key clients


JP Morgan

Sempra Energy




Comisión Federal de Electricidad


Grupo Aeroportuario del Pacífico

Banca Afirme

Morgan Stanley



Mac Health

Cetelem T

Work highlights

  • Advised Mac Health on the establishment of its first debt issuance programme for up to MX$1.5bn and in its first issuance under such programme of MX$500m.
  • Represented FEFA, the Mexican Governmental Development Trust, on the issuance of bonds for a total aggregate amount of MX$10bn.
  • Represented BlackRock as administrative agent and settlor in the public offering of a new domestic exchange-traded fund (ETF) product and its listing with the Mexican Stock Exchange in July 2020.

Chávez Vargas Minutti Abogados

Praised by a client for its ‘extensive knowledge of the regulations in force‘ and for its ‘excellent service attitude’, Chávez Vargas Minutti Abogados fields an accomplished practice, which covers a wide range of matters, including securitisations, FIBRAs, CKDs, equity issuance. The department also stands out for its strength in debt issuances. Key practitioners in the nine-strong team, which regularly advises rating agencies operating in Mexico, include partner Brian Minutti and managing partner José Antonio Chávez, skilled in all kinds of capital markets practices, including state resources securitisations. Senior associate Miguel Martínez left the firm in September 2020.

Practice head(s):

Brian Minutti


‘Their strength is undoubtedly their extensive knowledge of the regulations in force and their excellent service attitude’

‘They have a good specialisation in securitisations of lease receivables, trade receivables, payroll deduction and microloans. In particular, Brian Minutti’s contributions in more complex transactions are particularly noteworthy’

‘The team of lawyers knows the market very well, applying changes in documentation quickly and efficiently’

‘Vicente Anaya is able to resolve documentation correction issues and propose new wording to the authorities very quickly. Brian Minutti knows the procedures of the authorisations and manages to resolve and attend to requests in a short time; he is in constant communication with all participants to resolve relevant issues’

‘Commitment, availability and involvement’

‘They have the best quality of service and understanding of the issues’

‘CVM have innovated, both in the forms of analysis and in the mix of legal and technology. They have been able to adapt quickly to changing times’

‘I would highlight the service, especially from Brian and José Antonio, who are always looking to help clients and give an informed opinion on regulatory changes’

Key clients

Grupo Actinver

Fundación Rafael Dondé



Proyecto Transatlantico

Exitus Capital

Casa de Bolsa Santander

HR Ratings de México

Moody’s de México

Fitch Ratings México



Lease For You


ION Financiera

Work highlights

  • Advised Actinver with the implementation of a debt issuance programme and the first debt issuance under the same programme worth MX$2,000m traded at the Mexican Stock Exchange.
  • Advised FOVISSSTE regarding the implementation of a new debt issuance programme and the first and second debt issuance of senior trust bonds worth jointly MX$14,000bn.
  • Advised Fonacot regarding the implementation of the first debt issuance of senior notes worth MX$2,443M.

Holland & Knight

Holland & Knight showcases particular prowess in Mexican real estate investment trusts (FIBRAs), where it advises on both equity and debt matters, including CKDs. Guillermo Uribe Lara, who has significant experience working in the public sector, has a strong reputation in the capital markets sphere, especially in FIBRA-related mandates. He co-heads the department together with Alejandro Landa. REIT specialist Adrián Gay Lasa is another noted member of the team. Since publication, the firm has both strengthened and broadened its capital markets capability with the March-2022 hire of former practice head Xavier Mangino, senior counsel Elena Ibarrola and two associates from DLA Piper Mexico.

Kuri Breña, Sánchez Ugarte y Aznar

As stated by a client, Kuri Breña, Sánchez Ugarte y Aznar‘s capital markets practice is comprised of ‘experts in the matter’, who boast an outstanding service as well as ‘specialised knowledge of the regulatory framework of the securities market. Co-headed by Daniel Kuri Breña, who focuses on securitisation programmes and bond issuances, and Álvaro Sarmiento Lapiedra, who handles debt and structured finance as well as ongoing securities work for new and recurring clients, the team advises issuers, dealers, corporations and other market participants across a host of capital markets deals. Other names to note in the department include Luis Octavio Núñez; Alejandro Sobarzo Hadad; Guillermo Garay; and highly regarded senior associates Miguel Vallejo and José Alejandro Casas. Since publication, Vallejo has been raised to the partnership and Casas appointed counsel - effective as of February 2022.

Practice head(s):

Daniel Kuri Breña; Alvaro Sarmiento Lapiedra


‘They are experts in the matter and their service is outstanding. They have a pro-business attitude and seek to resolve issues in the most efficient way. The members I deal with the most are Alejandro Sobarzo and José Casas’

‘Daniel Kuri and Miguel Vallejo always give us a lot of confidence’

‘They have specialised knowledge of the regulatory framework of the securities market. Strong teamwork culture and they are competitive. Daniel Kuri Breña, José Alejandro Casas and Miguel Vallejo Guerra are outstanding’

‘The partners are always accessible, available and constructive’

‘The team is highly innovative with respect to forms of equity and debt financing’

‘They stand out for their level of attention and knowledge, innovation and motivation to close projects. I’d highlight Luis Octavio Núñez Orellana, José Alejandro Casas’

Key clients


Financiera Bepensa

Grupo Vasconia

Naturgy México

Vinte Viviendas Integrales

Sistema de Crédito Automotriz

Compañía Minera Autlán

Arrendadora y Soluciones de Negocios

Work highlights

  • Advised Consubanco on the third issuance of bank notes from a five-year MX$7.5bn programme in the Bolsa Institucional de Valores (BIVA).
  • Advised Financiera Bepensa on the second issuance of long-term notes from a five-year MX$7bn programme in the Bolsa Mexicana de Valores (BMV).
  • Advised Grupo Vasconia on a short and long-term notes programme, for a total amount of MX$1.5bn and a validity of five years.

Santamarina y Steta

Santamarina y Steta is a popular choice for a broad range of clients, from investment funds, brokerage firms and lending institutions to issuers, underwriters, placement agents, dealers and trustees. Among its extensive areas of expertise are debt and equity offerings, public tender offers, debt exchanges involving public companies and derivatives. Alberto Saavedra - who was previously managing partner at the firm - has broad expertise in the capital markets sphere, particularly in the structuring of debt programmes. He heads the practice, closely backed by veteran partner Sergio Chagoya. Associate Diego Ostos is another active member of the practice.

Practice head(s):

Alberto Saavedra


I would highlight the knowledge of the subject, treatment of staff and availability.’

Key clients

Grupo Carso

Internacional de Inversiones

Invex Controladora

Banco Invex


Bolsa Mexicana de Valores (Mexican Stock Exchange)

La Comer


Kimberly Clark de México

Grupo Industrial Saltillo

ABC Aerolíneas

Grupo Lamosa

Corporación Geo

Corporación Interamericana de Inversiones

Grupo Palacio de Hierro




Work highlights

  • Advised Invex Controladora on the capital markets and financing aspects with respect to the due diligence, regulatory requirements and terms of a transaction.
  • Advised Promotora Empresarial del Norte in the amendment of the title of the long-term debt bond certificates in the Mexican securities market.
  • Advised Grupo Carso on the issuance of debt under its Mexican certificates programme.

Del Castillo y Castro Abogados

While mostly known for its dominant expertise in restructuring, workouts and insolvency, boutique firm Del Castillo y Castro Abogados also houses a four-strong capital markets practice, which has experience in debt and equity instrument placement operations, public offers, asset securitisations and structured financing. The team is led by founding partner Alfonso Castro, who focuses on local corporate debt and is noted for his 'great knowledge, great availability and strategic thinking'.  José Carlos Vera is a name to note at the associate level.

Practice head(s):

Alfonso Castro


‘Alfonso Castro has great knowledge, great availability and strategic thinking’

‘They quickly adjusted to the home office scheme and the pandemic’

Key clients

Bondholders of the securitised bonds with ticker PLANFCB 16



SARE Holding

Work highlights

  • Acted as counsel to IDESA and some of its subsidiaries in connection with the financial restructuring of approximately $530m of debt, including 144A Reg S senior notes due 2020.
  • Advising Metrofinanciera in connection with the amendment of the trust set up by the company as part of the securitisation of receivables.
  • Advising SARE’s general management regarding a financial reorganisation; including bank debt restructuring, and assessing its bondholder situation.

DLA Piper Mexico

Global full-service giant DLA Piper Mexico houses a growing Mexican capital markets practice headed by Xavier Mangino, whose broad expertise spans debt and capital markets, securitisations and structured finance, in addition to corporate and commercial law, banking and finance. Other specialisms include peer-to-peer lending, leveraged finance, corporate governance and M&A. He is closely supported by Diego Martinez, a former manager of banking projects at the CNBV (National Banking and Securities Commission) who specialises in private and public debt and equity offerings, securitisation and asset-backed finance; and counsel Cristián Gastelum, who draws on his previous experience working at the CNBV (as deputy general director of issuer supervision) and the National Insurance and Surety Commission (CNSF). Since publication, Mangino has left the firm for Holland & Knight LLP (as of March 2022), taking one counsel and two associates with him.


‘They have many knowledgeable partners, some with CNBV experience. They bring fresh ideas to transaction problems. I would highlight Cristian Gastelum’

Key clients

Banco Latinoamericano de Comercio Exterior (Bladex)

Genomma Lab Internacional

Proteak Uno

Grupo Sports World

Qualitas Controladora


Work highlights

  • Represented Bladex in its issuance of MX$3bn in debt securities in the form of certificados bursátiles.
  • Represented Bladex in its second issuance during 2020 of MX$2bn in debt securities in the form of certificados bursátiles.
  • Advised Genomma Lab on the legal process to obtain the authorisation from the CNBV for a programme to issue a revolving registered public offering of short- and long-term senior notes valued at $523m.