Creel, García-Cuéllar, Aiza y Enríquez, S.C.‘s revered practice is a dominant force in the capital markets arena in Mexico. Its sizable and ‘highly-qualified team’ is renowned for its prowess advising issuers and underwriters on both debt and equity transactions, and is lauded for its for its pioneering track record handling transactions such as CKD-listings and the initial operations for mortgage REITs, master limited partnership Fibra-Es, and CERPIs. The sturdy practice houses a number of notable, senior practitioners, first and foremost: senior partner Carlo Aiza, who remains a renowned specialist in this field; Rodrigo Castelazo, who recently led the team which advised Finsa on its first-ever Mexican private fund, which allows Mexican pension funds to invest in a platform that offers access to investments in industrial real estate assets; Carlos Zamarrón, who boasts a wealth of experience in capital markets, structured finance, and asset securitisation transactions; and Mercedes Haddad, who brings additional expertise in structured finance, asset securitisations and derivative transactions. Since research concluded, Eduardo Flores Herrera has left the firm – effective as of July 2022.
Capital markets in Mexico
Creel, García-Cuéllar, Aiza y Enríquez, S.C.
‘Highly-qualified team with complete disposition.’
‘Always available with high technical capacity.’
Comisión Federal de Electricidad
Walton Street Capital
Oaktree Capital Management
- Assisted Finsa on its first-ever Mexican private fund, which allows Mexican pension funds to invest in a platform that offers access to investments in industrial real estate assets to continue to take advantage of the industrial growth in Mexico.
- Advised CFE in connection with its issuance and offering of (i) $1,2bn in 3.348% notes (due 2031) and (ii) $800m in 4.677% notes (due 2051), conducted as a private placement under Rule 144A/Reg. S of the US Securities Act of 1933,
- Acted as Mexican counsel to IDB Invest on its seventh and largest bond issuance in Mexico, and its first gender and sustainable issuance in Mexico.
Galicia Abogados S.C.
Full-service Mexican firm, Galicia Abogados S.C., houses a respected capital markets practice which continuously advises issuers and underwriters, and boasts deep knowledge in a variety of sectors, mainly financial, hospitality, food & beverages, energy, oil & gas, retail, mining, transportation and real estate. The practice co-led by skilled partners Guillermo Pérez Santiago and Maurice Berkman is well-versed in a range of services across all aspects of domestic and international capital markets transactions, and is particularly well known for its expertise in project bonds, international debt offerings, IPOs and follow-on offerings, local debt transactions, public M&A transactions, asset securitisations and other structured products. Key support comes from senior associates Ángeles Padilla, who also handles regulatory work; and José Alejandro Cortés, who regularly represents issuers and underwriters in domestic and international, public, private and restricted equity and debt offerings and securitisations. The practice was notably reinforced with the hire of deeply experienced practitioner Carlos Obregón Rojo from Ritch, Mueller y Nicolau, S.C. in August 2022.
Guillermo Perez Santiago; Maurice Berkman
Banco Nacional de Comercio Exterior
Grupo Sordo Madaleno (FIBRA SOMA)
Tenedora de Cines (Cinepolis)
Grupo Palacio de Hierro
Fibra Plus (Mexican REIT)
Citigroup Global Markets
Banco BTG Pactual
Santander Investment Securities
Scotia Capital (USA)
JP Morgan Securities
Mizuho Securities USA
Credit Suisse México
Credit Suisse USA
SMBC Nikko Securities America
BNP Paribas Securities
Credit Agricole Securities (USA)
- Advising Grupo Sordo Madaleno on the design, structuring and implementation of a landmark FIBRA which initially consists of 13 commercial real estate developments located in Mexico’s main cities.
- Advised Tenedora de Cines (Cinépolis) on the restructuring of existing debt and granting of new financing.
- Advised Nemak regarding an offering of new sustainability-linked dollar and euro-denominated notes and tender offer.
Mijares, Angoitia, Cortés y Fuentes S.C.
Impressing clients with its ‘combination of in-depth knowledge of the laws, regulations, as well as the regulatory authorities’, Mijares, Angoitia, Cortés y Fuentes S.C.'s capital markets practice is also hailed for its ‘open attitude and total willingness to take the client by the hand in the development and execution of their operations’. The group advises issuers, underwriters, structuring agents, investors and rating agencies, and is adept at handling a wide range of transactions, including FIBRAs, CERPIs, and CKDs. The team co-led by deeply experienced practitioners Ricardo Maldonado, Patricio Trad, Manuel Echave, and Martín Sánchez, who is particularly skilled at advising issuers in regulated sectors required to comply with strict timing requirements, while also regularly acting for issuers on compliance matters and administrative proceedings with regulators. The practice also fields a second line of younger partners, notably Patrick Meshoulam, who boasts solid knowledge managing debt and equity transactions; and Carlos Jiménez, who was promoted in July 2021. Associate Victoria Dicktiar is another name to note.
Ricardo Maldonado; Patricio Trad; Manuel Echave; Martín Sánchez
‘In our opinion, what distinguishes MACF’s capital markets practice is the combination of in-depth knowledge of the laws, regulations, as well as the regulatory authorities.’
‘Their open attitude and total willingness to take the client by the hand in the development and execution of their operations in the capital markets stands out.’
Grupo Aeropuertario del Centro Norte
Operadora de Servicios Mega
Santander Investment Securities
Sempra Infrastructure Partners
- Advising IEnova on the review and evaluation of the non-binding proposal by Sempra Energy to carry out an exchange offer for all of the publicly-traded ordinary shares of IEnova, representing approximately 29.83% of the IEnova’s outstanding shares.
- Represented Aerodrome Infrastructure on the structuring, authorisation process and launching of a tender offer to purchase up to 24.9% of the shares of capital stock of Grupo Aeroportuario del Centro Norte, for an amount of up to approximately $668m.
- Advised Fibra HD on the public tender offer for the acquisition of up to 100% of its outstanding equity interest launched by Fibra Plus, as a result of which Fibra Plus acquired a 70.90% stake in Fibra HD.
Nader, Hayaux y Goebel, SC
Nader, Hayaux y Goebel, SC's highly-reputed practice earns praise for being ‘at the forefront of new ideas/capital structures’, as well as for its ‘high-level of execution when it comes to complex structures, whether public or private, national or transnational’. Market-reference Michell Nader leads the department, which boasts solid knowledge of a broad array of capital markets transactions, from securitisations and structured finance to equity placements, IPOs, tender offers and equity fund leveraged buyouts. Recent work highlights saw Nader lead advice to Total Play Telecomunicaciones on its successful placement of $600m of 6.375% senior notes (due 2028) in the international markets. He works alongside other renowned practitioners in the field, including Hans Goebel, who has a particularly strong expertise in security issuances; Hector Arangua, who focuses on the area of CKDs, private securities placements and cross-border offers; Julian Garza, who specialises in securitisations, equity issuances, CKDs and FIBRAs; Gunter Schwandt, who offers a robust knowledge in CKDs, FIBRAs and securitisations; and Ana Paula Telleria, who handles innovative private placements, CKDs and FIBRAs, and related transactional and regulatory work.
‘The firm has an excellent combination of muscle, expertise and customer service from the partners. They are always at the forefront of new ideas/capital structures and have a high-level of execution when it comes to complex structures, whether public or private, national or transnational.’
‘The partners of the firm, in particular Hector Arangua, are always available to immediately attend to any problem. He is highly creative in structuring and efficient in executing complex financing structures. It is available 24/7. It is an extension of our in-house legal team. He has intimate knowledge of the operation of his clients’ business.’
‘The team shows extensive knowledge and proven experience in the topics consulted. The team is willing to attend, involving partners from the highest level collaborating efficiently.’
‘Willingness, knowledge, experience and willingness to find the best solutions to the issues/problems discussed.’
‘Nader, Hayaux & Goebel, stands out for the capacity of its legal team in matters of Capital Markets, for our company they are not only a legal services advisor but a partner to meet our business objectives as a company issued on the Stock Exchange, they also have a level of communication, understanding and solution to our needs, diversifying its solution proposals through its legal team in Capital Markets, tax and corporate.’
‘Without a doubt, their main quality is understanding the operation and objectives of our company, for which we have the advice and support of Gunter Schwandt in legal matters / Capital Markets, who professionally, clearly and efficiently supports us in complying with regulatory matters of the Capital Market and adapt our business strategies to our objectives.’
Bank of America
CKD Infraestructura Mexico
- Advised real estate company Murano on the proposed establishment of the first multi-CERPI registration in Mexico.
- Advised BBVA, as underwriter, on the launch of a real estate investment-focused CERPI programme, issued by StepStone in March 2022.
- Advised Total Play Telecomunicaciones on the placing of $600m in 6.375% senior notes (due 2028) on the international markets.
Ritch, Mueller y Nicolau, S.C.
Applauded for always being ‘up to date and ahead of the changes’, Ritch, Mueller y Nicolau, S.C. fields an ‘interdisciplinary team with extensive knowledge of the capital market sector in Mexico‘. The practice is co-led by seasoned practitioner Luis Nicolau, who ‘stands out for his specialisation’ in debt and equity securities mandates; and Gabriel del Valle Mendiola, who represents issuers, international and local broker-dealers, and investment banks in private and public offerings of debt and equity securities by Mexican issuers in the international markets. The group, which includes other key contacts such as Gabriel Robles, is also known for its domestic securities practice, which covers equity, debt and structured securities offerings, including asset-backed securities, CKDs, CERPIs, FIBRAs-E, real estate FIBRAs and bank capitalisation notes, while also boasting expertise on the establishment and operation of investment funds, as well as in the registration of non-Mexican issuers in the Mexican market. Former partner Carlos Obregón Rojo left the firm in August 2022.
Luis Nicolau Gutiérrez; Gabriel del Valle Mendiola
‘This firm is always up to date and ahead of the changes.’
‘Luis Nicolau stands out for his specialisation in the matter.’
‘Interdisciplinary team with extensive knowledge of the capital market sector in Mexico: regulation and market practices, mainly.’
‘Excellent relationship with the client. They are always available for any questions or comments. The team of Gabriel del Valle and Gabriel Robles is the one with the best knowledge of capital market.’
Credit Agricole Securities (USA)
Deutsche Bank Securities
Itau BBA USA Securities
Citigroup Global Markets
Vector Casa de Bolsa
BBVA Casa de Bolsa
Banco Santander México
JP Morgan Securties
Mexico Infrastructure Partners (EXI)
Merrill Lynch International
Natixis Securities Americas
JP Morgan Casa de Bolsa
American Stock Transfer & Trust Company
Banco Centroamericano de Integración Económica
HSBC Securities (USA)
Orbia Advance Corporation
Corporación Inmobiliaria Vesta
Credit Suisse Securities (USA)
Grupo Cementos Chihuhua
- Represented BNP Paribas, Merrill Lynch International and Natixis Securities Americas, in connection with the offering by the United Mexican States of €1,250m of its 2.250% senior notes (due 2036).
- Represented HSBC Bank, JP Morgan Securities and Merrill Lynch International in FEMSA’s €1,200m notes offering.
- Represented EMX Capital, in connection with an innovative transaction in the private equity secondary market under the scheme known as general partner (GP)-led secondary fund restructuring.
Gonzalez Calvillo‘s capital markets practice represents a good blend of domestic and foreign companies, including private equity firms and their portfolio companies, along with issuers and underwriters, on local and cross-border securities transactions. The group maintains a steady workflow representing both issuers and investors of securities such as FIBRAs, FIBRA-Es, and and CKDs, and is focusing on increasing its visibility in project bonds and green bonds-related work. Work highlights include representing FIBRA Prologis on its successful second offering and placement of a CNBV-registered, US$-denominated “Green Bond” on the Mexican Stock Exchange. Key contacts of the group include co-managing partner José Ignacio Rivero Andere, who also serves in the board of directors of companies such as Aleatica; and Bernardo Reyes Retana K., who has solid experience in private and public securities offerings in Mexico and abroad under his belt. Capital markets practitioner Jaime Cortés Alvarez left the firm in January 2022.
José Victor Torres Gómez; José Ignacio Rivero Andere; Bernardo Reyes Retana K.; Daniel Guaida Azar
Asociación Mexicana de Instituciones Bursátiles
Atento Luxco 1
NR Finance Mexico
- Represented FIBRA Prologis on its green bond issuance and placement on the Mexican Stock Exchange of the first CNBV registered, US$-denominated green/sustainable bond ever made in Mexico.
- Advised Metalsa on a $300m international offering of senior notes (due 2031) pursuant to Rule 144A/Reg. S of the US Securities Act.
- Advising NRFM with the fulfillment of its regulatory obligations and capital markets activity, in connection with its local short- and long-term bond (certificados bursátiles) program listed in the BMV (Mexican Stock Exchange) and related issuances.
Greenberg Traurig, S.C.
The Mexican capital markets practice at international full-service firm Greenberg Traurig, S.C., garners praise for its ‘great knowledge of the subject’, and is frequently sought out by both underwriters and issuers for assistance with a variety of equity and debt mandates, including CKDs and CERPIs, with a particular focus on the real estate and infrastructure sectors. Work highlights include the representation of Mexico Infrastructure Partners and the concession holder portfolio companies on the approximately $1.1bn initial public offering of a Fibra E investment trust. Jointly-led by experienced partners José Raz Guzmán and Juan Manuel González, the practice group also houses other noted and emergent practitioners such as José Antonio Butrón, who is well known in the projects sphere; of counsel Gabriela Palomino, who stands out for her work in relation to real estate and project-side finance matters; and senior associate David Argueta.
José Raz Guzmán; Juan Manuel González Bernal
‘The team has great knowledge of the subject. The service it provides is based on extensive knowledge and relationship with various parties, which supports the exercise of the service.’
‘The methodical and structured way of David Argueta to coordinate the operation and control of the parties, in compliance with the applicable regulations, stands out.’
Mexico Infrastructure Partners
DD3 Acquisition Corp
MXT Capital Partners
- Represented Mexico Infrastructure Partners and the concession holder portfolio companies on its approximately $1.1bn initial public offering of a Fibra E investment trust.
- Representing Banco Santander Mexico, BBVA Mexico and Grupo Financiero Banorte, as lead underwriters, in connection with the IPO of Fibra SOMA.
- Represented Volkswagen Leasing on its MX$2bn public offering of notes through the Mexican Stock Exchange.
Kuri Breña, Sánchez Ugarte y Aznar
Kuri Breña, Sánchez Ugarte y Aznar fields a busy and specialised capital markets practice, which can claim extensive experience advising bond issuers and financial intermediaries on the design and implementation of securitisation structures for several kinds of assets, as well as issuances of equity and debt instruments. Daniel Kuri Breña, who can take credit for the design and implementation of the first trade receivables securitisation in Mexico, and is constantly involved in securitisations and other structured financing transactions, co-heads the practice with Álvaro Sarmiento, who has solid knowledge of the issuance of debt instruments in the Mexican securities market. Other key contacts include Miguel Vallejo and José Alejandro Casas, who were promoted to partner and counsel respectively in February 2022, and boast strong expertise in equity and debt securities issuances. Industry sector expertise includes banks and financial services, energy, telecommunications, government, construction, and automobiles & parts.
Daniel Kuri Breña; Alvaro Sarmiento
Vinte Viviendas Integrales
Proyecto Fibraeco Administración
Paccar Financial México
Arrendadora y Soluciones de Negocios
Inter-American Investment Corporation (“BID Invest”)
Sistema de Crédito Automotriz
Corporación Financiera Atlas
- Advised Paccar Financial México regarding a short and long-term notes program, for a total amount up to MX$10bn and a validity of 5 years.
- Advised Naturgy México on the first and second issuances of long-term notes (certificados bursátiles), from a five-year, MX$10bn program in the Bolsa Mexicana de Valores.
- Advised Arrendadora y Soluciones de Negocios on a MX$700m securitisation of accounts receivable deriving from lease and loan agreements originated by Arrendamas.
Santamarina y Steta
Santamarina y Steta houses a seasoned and reputed capital markets practice, which remains involved in advising clients in debt and equity offerings, including work on FIBRAS and CKDs, as well as on public tender offers in several jurisdictions for clients that have subsidiaries and relevant assets in Mexico. Practice-head Alberto Saavedra brings his extensive experience in this area to the table, with the structuring of debt programmes undoubtedly one of his core strengths. Sergio Chagoya, whose capital markets practice is complemented by a solid knowledge of banking and finance and corporate/M&A; and Diego Ostos, who was welcomed to the partnership in February 2022, are also key departmental contacts.
‘We have always used Santamarina for our corporate issues. The team is always open to negotiating any issue, both billing and business. They have support from various experts within the group.’
‘The people who attend us are warm, focused on the business and simple people in their way of speaking and being.’
Banco Mercantil del Norte
Bolsa Mexicana de Valores
Corporación Interamericana de Inversiones
Grupo Empresarial del Norte
Grupo Industrial Saltillo
Grupo Palacio de Hierro
Internacional de Inversiones
Kimberly Clark de México
- Advised INVEX on the amendment of a debt bond (certificados bursátiles) program in the Mexican securities market, so as to include an extension of the debt program.
- Represented IDEI on the launching of a debt program to issue certificates (Certificados bursátiles fiduciarios inmobiliarios).
- Advised Alfa on the issuance of Ordinary Participation Certificates (Certificados de Participación Ordinarios) represented by Alfa Series A shares.
White & Case S.C.
Established as one of the core areas of White & Case S.C.‘s Mexican office, the department ‘demonstrates a broad and deep expertise regarding capital markets’ when handling a gamut of transaction types and regulatory matters, as well as packing a particular punch on the debt and structured finance side of the practice. Work highlights include advising Sempra Energy on the $1.8bn tender offer of its remaining stake in Infraestructura Energética Nova (IEnova). After the untimely passing in May 2022 of Vicente Corta, the practice is now led by Juan Antonio Martín, whose practice has an emphasis on securities, domestic and cross-border financings, securitisations, and derivatives. Counsel Eric Quiles, who has grown his practice and experience carrying out securities issuances for significant local debt issuers and underwriters, is also noted. The group can also draw on the strengths of the firm’s global capital markets capability. Since research concluded, the office has significantly deepened its bench strength with the hires of Eduardo Flores Herrera and Narciso Campos Cuevas in June and September 2022, respectively. Since publication, Manuel Groenewold has left the firm - effective as of December 2022.
Juan Antonio Martín
‘The team always demonstrates a broad and deep expertise regarding capital markets. Additionally to the high-level of service, I would highlight the broad perspective that they always have regarding international market practices given their scope as a global firm.’
‘Very high-level of service and disposition. Proven positive track record in the areas in which he advises. Very prepared.’
‘High-quality team that, together with the international network of the firm, allows us to work efficiently on projects that involve multiple jurisdictions.’
‘Juan Antonio Martín has a solid financial analysis capacity, and an exceptional understanding of the risks and critical aspects of the business. He is able to anticipate the needs of the client.’
‘The practice is very good technically and transmits a lot of security to the clients.’
‘Simon Micha Kurc is very attentive and proactive. He is also very available.’
Grupo Aeroportuario del Pacífico (GAP)
Fondo Especial para Financiamientos Agropecuarios (FEFA)
Molibidenos y Metales
Montepío Luz Saviñón
- Advised Sempra Energy on the $1.8bn tender offer of its remaining stake in Infraestructura Energética Nova (IEnova).
- Advised Braskem Idesa, the owner and operator of the $5.2bn Etileno XXI petrochemical complex in Veracruz, Mexico, on the successful refinancing of its circa $1.35bn of project finance debt.
- Advised Morgan Stanley, Goldman Sachs, Citigroup Global Capital Markets and Nu Invest Corretora de Valores, as joint global coordinators, on the initial public offering and listing of Class A ordinary shares of Nu Holdings on the New York Stock Exchange and Brazilian depositary receipts (BDRs) on B3.
Chávez Vargas Minutti Abogados
Chávez Vargas Minutti Abogados’s capital market practice, which has a particular experience working with credit rating agencies, appeals to clients for its ‘100% collaborative’ approach, and for its ‘relevant expertise in structured finance and asset-backed debt and investment instruments’. Brian Minutti , who is well known for representing issuers in all types of public offerings of securities, as well as creditors and debtors in credit operations and credit restructurings, co-heads the group alongside managing partner Jose Antonio Chávez , whose practice takes in state resources securitisations, Fibras, and CKDs, among other matters. Recent work highlights saw the team advise Lease For You and Pretmex, as lenders, on their first ever asset backed securitisation in the Mexican Markets.
Brian Minutti; José Antonio Chávez
‘Excellent attention from partners and associates. Lots of experience and understanding of the needs of clients/projects/transactions.’
‘The firm has relevant expertise in structured finance and asset-backed debt and investment instruments. Additionally, openness has been shown for innovative or different transactions in the local market, and direct involvement by the partners.’
‘The main differential is the quality of service and attention and direct involvement by the partners, which I consider to be of the highest level. I would highlight the participation of Brian Minutti in various transactions.’
‘The are always 100% collaborative. There was inclusion and the support went further as we count on them at all times. The lawyers appointed to the project were always participatory.’
‘The added value was always the personalized attention and constant support from the entire Chávez Vargas team. At all times, the time limitations for the resolution of issues or doubts were set aside.’
‘Understand the importance of a good remote bankrupt structure and the different players that are required to have the structure.’
‘Attention to detail and customer support.’
Lease For You
Fundación Rafael Dondé
Grupo Sport World
- Advised FOVISSSTE on the implementation of a $500m debt program.
- Advised Mexican state-owned financial credit institution Fonacot on the raising of $75M in its first ever gender bond issuance.
- Assisted Banco Actinver with two uncollateralised bond issuances on the Mexican Stock Exchange.
Holland & Knight
Holland & Knight's capital markets practice was notably reinforced in March 2022 with the arrival of former DLA Piper Mexico practice-head, Xavier Mangino Dueñas, who joined alongside senior counsel Elena Ibarrola and two associates. They join the ‘very experienced and competent’ Mexico City team, which has a solid track record in the real estate investment trust segment, advising on both equity and debt matters, including capital development certificates (CKDs), mainly drawing on the renowned expertise of practice-head Guillermo Uribe, a well know figure in this area. Distinguished REIT specialist Adrián Gay Lasa, and associates Jorge González Carlini and Santiago Soldevilla are also key contacts of the group. Work highlights include representing Fibra Uno in connection with a $650m senior notes issuance.
‘Great experience in the creation of Real Estate Investment Trusts FIBRAs.’
‘Guillermo Uribe, Adrián Gay Lasa lead a very experienced and competent team.’
Community Investment Management
- Represented Fibra Uno in connection with a $300m senior notes issuance that included the reopening of up to $300m in 5.250% notes (due 2026), issued in accordance with Rule 144A / Reg. S of the United States’ Securities Act of 1933.
- Represented Fibra Uno in connection with its fourth and fifth long-term sustainable bonds issuances (FUNO 21X and FUNO 21-2X, respectively) under its preauthorized program for a total amount of $400m.
- Advised Agrofibra on its $300m IPO process, thereby becoming the first Mexican REIT in the agro-food industry.
Silvia Malagón sits at the helm of the respected Mexican capital markets practice of full-service giant, Jones Day, which is well known for its work advising domestic issuers and underwriters on debt and equity offerings, as well as for its capabilities assisting with the establishing of mutual funds, pension funds and brokerage firms in Mexico, as well as other fund-related transactions. Work highlights include helping Sam Asset Management obtain authorisation before the National Banking and Securities Commission (CNBV) for its merger with TOPSAM. Of counsel Carlos Sámano provides additional key expertise in securities offerings. The group can also draw resources form the firm's international network of offices.
Silvia Malagón; Carlos Sámano
‘All very good, they make a good team and complement each other in different aspects according to their experience.’
‘They are very friendly and helpful in resolving outstanding issues, as well as solving any doubts we may have. They are very helpful and easy to contact.’
Promotora y Desarrolladora Mexicana
Grupo Financiero Scotiabank Inverlat
Fondos de Inversión Multiva
Operadora de Fondos Banorte
Grupo Financiero Citibanamex
SAM Asset Management
Credit Suisse Securities (USA)
Dunross Investment & Newfoundland
Bilbao Vizcaya Holding
- Advising Prodemex, as issuer, on its first follow-on offering.
- Advised Sam Asset Management on obtaining authorisation before the National Banking and Securities Commission for its merger with TOPSAM.
- Advised Afore Citibanamex on behalf of the pension funds holding the non-redeemable investment projects trust certificates (CERPI: CAPGLPI 18), on the CERPI’s restructuring.