Firms To Watch: Capital markets

José Berrueta Ochoa heads up the capital markets team at Sánchez Devanny, and has taken the practice group from strength-to-strength since his June 2022 arrival from Ritch, Mueller y Nicolau, S.C., with the practice gaining major new clients in the automotive and finance sectors. The team represents issuers, broker dealers, and local and international investments banks in public and private offerings of debt and equity securities. Carlos Matsui was promoted to partner industrial in February 2023.

Capital markets in Mexico

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

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.

Practice head(s):

Carlos Aiza; Rodrigo Castelazo


Great depth of knowledge of local law issues.

The dedication, availability and creativity of the solutions of Carlos Zamarron’s team is excellent. We have carried out unique transactions in the Mexican market in record times and with excellent results.

Carlos Zamarron and his team at Creel have always gone beyond professional responsibility to ensure that our experience is fluid and we have the ability to focus on commercial issues, as well as ensuring that our team always has the necessary understanding of the aspects reflected in each document. Likewise, Carlos always finds a way to achieve his goals at all costs.

The technical knowledge of our business and the trust that Carlos Zamarron and his team (that we have worked with over the years) have earned, have made the difference and the firm is our first choice for our capital market’s legal service needs. and debt in general.

I’d highlighted the depth of knowledge of the laws and the agility to work and offer solutions.

Key clients

Fibra Prologis


Vista Energy


Capital Índigo



GM Financial

The Prudential Insurance Company of America


Lexington Partners


Fibra Macquarie


CS Asset Management




JP Morgan



Work highlights

  • Assisted the Comisión Federal de Electricidad (CFE) with its first-ever issuance of ESG (sustainable) notes.
  • Assisted Apollo Management Holdings with the repayment and capitalisation of their DIP Loan into an equity interest in Grupo Aeromexico.
  • Advised IDB Invest on its issuance of a three-year social bond in Mexico worth approximately $125m.

Galicia Abogados S.C.

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.

Practice head(s):

Guillermo Pérez Santiago; Maurice Berkman


The firm offers a first-rate practice in capital markets transactions and matters that complements its banking and finance practice very well; it is modern, pragmatic, efficient and cost-effective.

The Galicia team stands out for its skill at managing transactions and explaining complex concepts in a simple way.

Key clients

Coca-Cola FEMSA

Nacional Financiera

Banco Nacional de Comercio Exterior (BANCOMEXT)

AC Bebidas

RLH Properties

Grupo Sordo Madaleno

Tenedora de Cines (Cinepolis)



Grupo Lamosa



Grupo Herdez

Grupo Palacio de Hierro

Grupo Profuturo

Fibra Plus (Mexican REIT)

Afore Profuturo

Grupo Vasconia

CEGE Capital

GIC Special Investments Pte

Abertis Infraestructuras

BBVA México, Institución de Banca Múltiple, Grupo Financiero BBVA México

Comisión Federal de Electricidad (CFE)


Aeroenlaces Nacionales

Megacable Holdings

Hoteles City Express

Orbia Advance Corporation

Tanner Servicios Financieros

BofA Securities

Citigroup Global Markets

Goldman Sachs

Banco BTG Pactual

Barclays Capital

Santander Investment Securities

Scotia Capital (USA)

BBVA Securities

JP Morgan Securities

Mizuho Securities USA

Credit Suisse México

Morgan Stanley

SMBC Nikko Securities America

BNP Paribas Securities Corp.

Credit Agricole Securities (USA)

Work highlights

  • Advised Arca Continental on the shelf registration of long-term notes for MXN$15bn.
  • Assisted Aeroenlaces Nacionales (VivaAerobus) with the establishment of a new programme and the first public offering of sustainability-linked long-term notes.
  • Advised Grupo Herdez and the underwriters on the company’s first sustainable link bond for a total value of MXN$3bn.

Mijares, Angoitia, Cortés y Fuentes S.C.

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.

Practice head(s):

Ricardo Maldonado; Patricio Trad; Manuel Echave; Martín Sánchez


The lawyers are committed to their work; what sets the firm’s capital markets practice apart is the combination of thorough knowledge of the legal framework, regulations, customs and the regulatory authorities.

Open attitude and total willingness to take the client by the hand in the development and execution of its operations in the capital markets.

Martin Sanchez Breton and Carlos Jimenez Cantú: they have been working together for many years, so they make an extraordinary team. Deep technical and at the same time pro-business knowledge. Adaptable to the situations and challenges of the environment.

1. The MACF team has a solid academic background and extensive experience in various areas of law, constantly training and updating itself on applicable legislation and regulations, and its analytical capacity is outstanding, having the ability to break down and resolve complex legal problems. 2. The team compares favorably with teams from other firms due to its reputation and track record, excellent client orientation and personalised approach. 3. It seems to me that its form of internal collaboration promotes the exchange of knowledge and open communication between the members of the Ricardo Maldonado team, which allows them to make the most of their collective skills – leaving us, as clients, to benefit from said skills.

Our direct relationship is with Ricardo Maldonado, who stands out, like his team, for the following qualities: Experience and specialised knowledge, excellence in solving sophisticated problems, customer orientation; his communication methods are super effective, he has an excellent strategic approach and his commitment to ethics and integrity are just some of his main qualities.

Key clients

Casa De Bolsa Santander

Fibra Monterrey

Grupo Televisa

Fintech Holdings

Exitus Credit

Grupo Financiero Santander México

Citibanamex Casa de Bolsa

Banco Compartamos

Altum Capital México

Grupo Aeropuertario del Centro Norte

ICA Tenedora

Operadora de Servicios Mega

Sempra Infrastructure Partners


Credit Suisse

Work highlights

  • Advised Fintech Holdings on a share purchase agreement with a subsidiary of VINCI Airports to indirectly sell 29.9% of Grupo Aeroportuario del Centro Norte’s shares of capital stock.
  • Assisted ICA Tenedora with the establishment of a revolving program for asset backed securities for a total authorised amount of MXN$10bn.
  • Advised Sempra Infrastructure on its $400m 3.250% senior notes offering (due 2032).

Nader, Hayaux y Goebel, SC

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 serviceThe 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. Since publication, the team has been strengthened with the return of Jenny Ferrón -after three years at Skadden, Arps, Slate, Meagher & Flom LLP's New York office- as a partner (effective as of May 2024).

Practice head(s):

Michell Nader Schekaiban


Among its main advantages is the highly specialized knowledge of its lawyers, which provides us with the necessary security to carry out our operations.

Gunter Schwandt has complete professional and technical mastery in the field of capital markets.

Great lawyers with a lot of experience and excellent customer service focus. Always up to date technological issues and willing to learn.

Gunter Schwandt is an excellent lawyer whose perspective is orientated towards the best interests of the client’s business.

Key clients

Grupo Murano

Vinci Airports

Total Play

BBVA Bancomer (BBVA)


Actinver Casa de Bolsa

APP Coatzacoalcos Villahermosa

Ad hoc Group of Aeromexico Noteholders


Fibra Danhos

Fibra Storage

Grupo Acosta Verde

Work highlights

  • Assisted CIBanco with a bond restructuring process valued at approximately MXN$4.359bn.
  • Advised the ad hoc group of holders of 7.000% senior notes (due 2025) issued by Aeroméxico on the exit financing granted to the company in order to successfully emerge from Chapter 11 bankruptcy proceedings.
  • Advised Total Play on the issuance and public offering of long-term debt certificates for a total amount of MXN$1.59bn.

Ritch, Mueller y Nicolau, S.C.

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.

Practice head(s):

Luis A Nicolau; Gabriel del Valle Mendiola


It is an interdisciplinary team with extensive knowledge of the Mexican capital markets. The lawyers foster excellent relations with clients; the partners are always available for any questions or comments.

They are always up to date and ahead of the curve.

I’d recommend Luis Nicolau and associate Ernesto Talamas for their knowledge and advice based on extensive experience of the topics discussed.

Key clients

Citibanamex Casa de Bolsa

Banco Centroamericano de Integración Económica (CABEI)


Citigroup Global Markets

Fondo Nacional de Infraestructura

Secretaría de Hacienda y Crédito Público

Casa de Bolsa Finamex

Casa de Bolsa HSBC México

Casa de Bolsa Santander

BBVA Securities

Goldman Sachs

JP Morgan Securities

Natixis Securities Americas

Santander Investment Securities

Morgan Stanley

Barclays Capital

BofA Securities

Banco Santander México

Arcos Dorados

Scotia Capital (USA)

Actinver Casa de Bolsa

Grupo Cementos de Chihuahua (GCC)


BNP Paribas

Bank of America

JP Morgan

Work highlights

  • Represented BBVA Securities, Goldman Sachs, JP Morgan and Natixis Securities -as underwriters- in connection with Mexico’s offering of $2.203bn of its 4.875% Global Notes (due 2033).
  • Assisted Arcos Dorados with the offering of its $350m 6.125% sustainability-linked senior notes (due 2029).
  • Assisted a group comprising Citigroup Global Markets and others, as underwriters, with América Móvil’s issuance of $1bn of its 5.375% senior notes (due 2032).

González Calvillo

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.

Practice head(s):

José Ignacio Rivero Andere; Bernardo Reyes Retana K.; Daniel Guaida Azar

Key clients

Administradora de Activos Financieros (ACFIN)


Asociación Mexicana de Instituciones Bursátiles (AMIB)

Bursamétrica Casa de Bolsa

FIBRA Macquarie

FIBRA Prologis

Hir Casa


NR Finance Mexico

Profuturo Afore

Work highlights

  • Represented ACFIN in three different matters, acting as administrador maestro on its cancellation and extinction of the issuance of certificados bursátiles fiduciarios.
  • Advised NRFM on its regulatory obligations and capital markets activity regarding its local short and long-term bond offerings.
  • Represented Profuturo AFORE, acting as anchor investor, in the negotiation and sale of its participation in FIBRA HD.

Greenberg Traurig, S.C.

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.

Practice head(s):

José Raz Guzmán; Juan Manuel González B; José Antonio Butrón


Greenberg Traurig’s capital markets team has excellent lawyers; it is a very sophisticated practice. They are always available and have very good technical and market knowledge.

The team that works at Greenberg is top quality, which you can tell from its skill at resolving issues.

Key clients

Volkswagen Leasing

Concesionaria Autopistas del Sureste, Ainda and Aldesa Mexico

Fibra Infraestructura México

Mexico Infrastructure Partners F2 (Manager of FSOCIAL)

Credit Suisse, BBVA and Santander

Casa de Bolsa Santander and Scotia Inverlat Casa de Bolsa

Planigrupo Latam

Sarre Infraestructura y Servicios

Pápagos Servicios para la Infraestructura

Work highlights

  • Represented Volkswagen Leasing in the public offering of MXN$1bn on the Mexican Stock Exchange.
  • Represented Mexico Infrastructure Partners F2 in the potential issuance of a FIBRA E to be listed in the Mexican Stock Exchange.
  • Represented Credit Suisse, BBVA and Santander in the first follow-on offering of Fibra IDEAL on the Mexican Stock Exchange.

Kuri Breña, Sánchez Ugarte y Aznar

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).

Practice head(s):

Daniel Kuri Breña Romero de Terreros; Miguel Vallejo Guerra


Mastery of the subject of capital markets, excellent follow-up and communication.

Efficiency to resolve doubts or unforeseen events. Daniel Kuri Miguel Vallejo.

In my opinion, Kuri-Breña, Sánchez-Ugarte y Aznar is the law firm that best understands all the legal, business and financial aspects of structured financing in Mexico.

We’d highlight the following: 1. extensive and detailed knowledge of structured financing; and 2. professionalism in the times and quality of their deliverables.

Key clients

AB&C Leasing de México

Financiera Bepensa

Consubanco (Institución de Banca Múltiple)


Corporación Financiera Atlas

Unirenta Arrendamientos

HR Ratings de México

Work highlights

  • Advised AB&C Leasing de México on the structuring and implementation of a securitisation of accounts receivable deriving from lease agreements.
  • Advised Financiera Bepensa on the structuring and implementation of a short and long-term notes programme.
  • Advised Consubanco and Institución de Banca Múltiple on the structuring and implementation of a long-term bank notes issuance.

Santamarina y Steta

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.

Practice head(s):

Alberto Saavedra; Sergio Chagoya


The partners and associates have a pleasant manner.

Good industry knowledge and availability.

A team with deep experience in the field, with proven capabilities to meet diverse needs and projects. High customer focus. It has detailed knowledge of the legal and regulatory framework, but also adds value in the definition of plans, processes and strategies to maximize the expected value of the projects.

Highly qualified, experienced partners, knowledgeable about the legal and regulatory framework. With a genuine and authentic approach to service and in constant search for generating value for the client. Featured lawyers: Jorge Barrero Carlos Arguelles Ana Paula Ibarra.

Key clients

ABC Aerolíneas (Interjet Airlines)


Banco Mercantil del Norte (Institución de Banca Múltiple)

Bolsa Mexicana de Valores (Mexican Stock Exchange).

Ciudad Maderas

Corporación Geo

Corporación Interamericana de Entretenimiento

Corporación Interamericana de Inversiones



Grupo Carso

Grupo Industrial Saltillo

Grupo Lamosa

Grupo Palacio de Hierro

Inmobiliaria Ruba

Internacional de Inversiones

Kimberly-Clark de México

La Comer


Work highlights

  • Assisted Grupo Carso with its tender offer to acquire the outstanding securities of its subsidiary Grupo Sanborns.
  • Advised Ruba on the structuring and implementation of a new debt program on the Mexican Stock Exchange.
  • Advised Invex on its fifth issuance of notes under its debt bond program on the Mexican securities market.

White & Case S.C.

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.

Practice head(s):

Juan Antonio Martín


Juan Antonio Martín is a very experienced lawyer who understands the market perfectly, which allows him to always give clear and timely advice as well as offer viable alternatives from a legal and financial perspective. Eduardo Flores is undoubtedly a fundamental member of the team.

Eduardo Flores has great experience in the equity market, and offers tried and tested solutions to complex problems.

Key clients






Sempra Energy

Morgan Stanley

Goldman Sachs

Citigroup Global Capital Markets

Nu Invest Corretora de Valores

Banco Santander


Molibdenos y Metales

Banco de Inversión Afirme

Banca Afirme

Montepío Luz Saviñon

Grupo Aeroportuario del Pacífico



Fibra Shop

Dalton Efectivo Seguro GDL

Banco Mercantil del Norte


Fondo Especial para Financiamientos Agropecuarios (FEFA)

Work highlights

  • Represented BBVA, Actinver, Scotia, BTG and GBM as underwriters in the second multi-offering programme of long-term real estate trust and debt certificates established by Fibra MTY.
  • Advised Sempra on its exchange and cash tender offers to acquire shares representing the capital stock of Infraestructura Energética Nova.
  • Advised Banco Santander on the concurrent cash tender offers in Mexico and the US to acquire all of the issued and outstanding Series B shares of Banco Santander México.

Chávez Vargas Minutti Abogados

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.

Practice head(s):

Brian Minutti Aguirre


Excellent service from both partners and associates; a lot of experience and a good understanding of the needs of clients.

We received personalised and constant support from the entire Chávez Vargas team. At every juncture, time was set aside to resolve our issues.

Attention to detail and support to clients.

The firm has expertise in structured finance and asset-backed debt and investment instruments. Additionally, it has shown openness to innovative transactions in the local market and the direct involvement of the partners.

The quality of service and attention and involvement of the partners are of the highest level. I would highlight the participation of Brian Minutti in several transactions.

Key clients

Instituto del Fondo Nacional para el Consumo de los Trabajadores (Fonacot)


Banco Actinver (Institución de Banca Múltiple)

LC Liquidez Corporativa

Ameris Capital Administradora

Gravitas Motion

Fundación Rafael Dondé

MXC Capital


Rating Agencies in Mexico (HR Ratings de México, Moody’s de México, Fitch Ratings México and Standard & Poors México)

Work highlights

  • Advised Fonacot on a bond issuance to raise $20m to fund productive consumer loans for women.
  • Advised PRETMEX on its second asset-backed securitisation bond issuance.
  • Assisted Banco Actinver with two uncollateralised bond issuances in the Mexican Stock Exchange.

Holland & Knight

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.

Practice head(s):

Guillermo Uribe


The team has extensive experience in the creation of real estate investment trust FIBRAs.

Guillermo Uribe and Adrián Gay are very experienced.

Key clients


Banco Latinoamericano de Comercio Exterior (Bladex)

Fibra Uno

Fibra Inn

CKD Helios


Work highlights

  • Advised AgroFIBRA on its initial public offering of trust certificates, becoming the seventeenth Mexican REIT.
  • Assisted Fibra Uno with its filing for the establishment of a long term bonds programme and its recording before the National Securities Registry.
  • Advised Fibra Inn on a third party’s tender offer process.

Jones Day

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.

Practice head(s):

Silvia Malagón; Carlos A Sámano


The lawyers at Jones Day work well as a team and their skills complement each other.

The experience and timely responses makes the team remarkable.

Silvia Malagón is a partner with all the experience in the sector. The mix of her knowledge, practicality and business vision make her an extremely reliable professional.

Key clients

Grupo Financiero Citibanamex

SAM Asset Management

Operadores de Fondos Banorte

Scotia Fondos (Sociedad Operadora de Fondos de Inversión)

Banco S3 CACEIS México (Institución De Banca Múltiple)

Work highlights

  • Advised Citibanamex Afore on the corporate reorganisation of the issuance trust.
  • Advised Sam Asset Management on the merger of four mutual funds.
  • Assisted Operadora de Fondos Banorte with obtaining authorisation from the National Banking and Securities Commission for the incorporation of its mutual fund.