The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon
Work +52 55 4748 0600
Fax +52 55 4748 0690
Mexico City, Monterrey

Rodrigo Castelazo

Work (52) 55 4748-0663
Creel, García-Cuéllar, Aiza y Enríquez, S.C.

Work Department

Banking and Finance, Bankruptcy and Restructuring, Capital Markets and Private Equity.


Rodrigo Castelazo is a partner with Creel, García-Cuéllar, Aiza y Enríquez, S.C., in Mexico City, His practice focuses on Banking and Finance, Bankruptcy and Restructuring, Capital Markets and Private Equity.

Mr. Castelazo regularly advises a wide array of clients in complex capital markets and structured finance transactions, as well as in restructuring processes in Mexico. In recent years, Mr. Castelazo has worked on some of the most innovative financial transactions in Mexico, including the first ever co-investment fund established between Mexican pension funds and CDPQ, one of Canada’s largest pension funds, through the largest public offering of equity development certificates (CKDs) to date, three of the largest real estate investments trust (FIBRA) IPOs in Mexico, and one of the first-ever debtor in possession financings under the Mexican insolvency statute. Most notably, Mr. Castelazo has been very active in the Mexican private equity market by advising Mexican and international sponsors in establishing their respective Mexican CKD funds through public listings of CKDs in Mexico, including Riverstone, Prologis, Walton Street Capital, Finsa, Interacciones and Planigrupo.

In capital markets, Mr. Castelazo has advised issuers and underwriters in multiple domestic and global equity offerings, including working on IPOs (and follow-ons) by Ienova, FIBRA Macquarie, Terrafina and FIBRA Prologis. In the realm of banking and finance, Mr. Castelazo regularly advises global and domestic financial institutions in financings to Mexican companies or with a Mexican component. Recently, he participated in the first four unsecured real estate revolving financings in Mexico, an innovative financial product that has increased the financing options available for Mexican real estate companies and trusts. Mr. Castelazo has also represented creditors and debtor-in-possession finance providers in some of Mexico’s largest insolvencies in recent years, including Vitro, Comercial Mexicana and Homex.

Mr. Castelazo has been ranked or cited in capital markets and banking and finance by many publications, including Chambers and Partners, The Legal 500, and IFLR 1000. In 2014 and 2015, Mr. Castelazo was awarded the exclusive Client Choice Award for Securitization and Structured Finance, and again in 2016 he was awarded the Client Choice Award, this time for Capital Markets.


Foreign Associate in the New York office of Sidley Austin, LLP. He is a professor at the Universidad Iberoamericana, where he teaches the course “International Financial Law”.


Spanish and English.


Mr. Castelazo is a member of the New York Bar and the International Bar Association (IBA)


Mr. Castelazo obtained his law degree (JD) from the Universidad Iberoamericana in Mexico City where he obtained the distinction of Excelencia Académica and an LL.M degree from Harvard Law School in Cambridge, Massachusetts. In addition he obtained a post-graduate law degree in International Financial Law from the Universidad Panamericana in Mexico City.


Banking and finance

Within: Banking and finance

Historically focused on representing lenders, although increasingly active in assisting borrowers, the banking and finance practice at Creel, García-Cuéllar, Aiza y Enríquez, S.C. gives clients a ‘superlative’ service, with ‘immediate responses and deep specific know-how’. The firm is ‘expensive, but worth it’. The 33-strong team is the first port of call for large-scale, complex financing mandates, including syndicated loans, corporate financing, energy financing, real estate financing and transport financing (shipping and aviation). Carlos Aiza leads the team, acting mainly as a rainmaker; he is valued by clients for being ‘a strong strategist, with a profound knowledge that he is constantly updating’. Client and peer favourite Pedro Velasco had an active year, leading teams that advised Citibank, as agent, on a $284m financing; Crédit Agricole Corporate and Investment Bank, as administrative and collateral agent, on an $810m multi-jurisdiction secured syndicated financing in favour of McDermott International; and BBVA Bancomer, Goldman Sachs (USA) and Morgan Stanley Senior Funding, as arrangers, on a $400m super senior revolving credit facility granted to Atento. Giovanni Ramírez Garrido acted as counsel to Southern Cross Group subsidiary Tars Holding, as borrower, on a MXN$1.25bn syndicated financing for refinancing of existing debt and other corporate purposes; and Santander, as lender, administrative agent and security agent, on a MXN$2.26bn syndicated financing by several banks and other financial institutions in favour of Invercap Service Management. Lauded by clients for his ‘deep expertise and good client service’, Rodrigo Castelazo led a team that counselled Crédit Suisse (Cayman Islands branch) as collateral agent, administrative agent and lead arranger on a $42m credit to International Tug for the acquisition of vessels. Key support comes from Mercedes Haddad A, and associates Victor Gallegos and Emilio Aarun. Associate Andrés Barrosov is also noted. Eduardo Flores Herrera joined the firm as a partner in July 2017, having previously been Vice-President for Securities Oversight at the National Banking and Securities Commission; as did Iker Arriola (a specialist in development and financing of energy and infrastructure projects) and José Ignacio Segura (who has a specialisation in project finance and PPPs) in March 2018 from White & Case S.C.. Lender side clients include Banco Sabadell, Banco del Bajío, Bank of America, Barclays, Commerzbank, Deutsche Bank, HSBC, Inter-American Development Bank, Scotiabank and UBS; and, on the borrower side, Blackstone, BlackRock, FINSA, Grupo Lala, Grupo Mexico, Mexico Retail Properties, Prudential Real Estate Investors, and Walton Street Capital.

[back to top]

Bankruptcy and restructuring

Within: Bankruptcy and restructuring

At Creel, García-Cuéllar, Aiza y Enríquez, S.C., the bankruptcy and restructuring practice draws on its leading banking and finance expertise to assist clients (creditors and debtors) on all non-litigious aspects of corporate recovery, insolvency, restructurings and workouts. The team of four partners and five associates has been present on some of the more relevant bankruptcy and restructuring cases of the last years, including those that affected the home ownership sector in Mexico, namely assisting Credit Suisse as creditor in the restructuring of Urbi Desarrollos Urbanos and its subsidiaries; Deutsche Bank in connection with the recognition and workout of its claim against major Mexican mortgage originator, Metrofinanciera; and the IDB regarding the renegotiation of its partial credit guarantee under the pre-pack bankruptcy proceeding initiated by Metrofinanciera. The practice group continues to act as counsel to Banorte and GEO on the restructuring of the housing developer’s debt with the bank, including a potential corporate restructuring of GEO. The case was led by practice head Carlos Aiza and Pedro Velasco; both also handle banking and finance and capital markets matters. Rodrigo Castelazo and senior associate Emilio Aarun continued to advise the bond-holders in the restructuring of $100m-worth of medium term notes issued by Arendal; the case was a cross-border restructuring of NY law-governed notes issued by a Mexican company in the context of a potential bankruptcy of the client. Velasco worked on two of the firm’s other highlight cases (assisted by Aarun in the first instance), one involving the restructuring of a loan in the real estate sector within the context of the bankruptcy of a developer, and another a complex cross-border restructuring of a credit agreement between several entities. Key partner Mercedes Haddad is also part of the team; and Iker Arriola joined the firm from White & Case S.C. in early 2018. His practice covers banking and finance, capital markets, corporate and M&A, restructuring and real estate. Clients include Credit Suisse, Credit Suisse (Cayman Islands Branch), ING Wholesale Banking, Actinver Wealth Management, Invex, CI Banco, Novo Banco, Mercantile Cap Advisors, Apollo Management Singapore, Mexico Retail Properties, and CSE Mortgage LLC/Capital Source (a division of Pacific Western Bank).

[back to top]

Capital markets

Within: Capital markets

Market opinion indicates Creel, García-Cuéllar, Aiza y Enríquez, S.C. is at the spearhead of capital markets practice. Clients agree that the firm is ‘excellent’ in this sector, and that it brings together experts who are able to cover any concerns that may arise. The practice group stands out for its sheer size (36 lawyers, of whom eight are partners) and for the fact that it consistently acts on innovative and first-of-their-kind deals. In recent examples of this, practice head Carlos Aiza and Carlos Zamarrón assisted Riverstone and Vista Oil and Gas in the first IPO of a Special Purpose Acquisition Company (SPAC) in Mexico and Latin America, raising $650m; Aiza and Mercedes Haddad assisted FIBRA Terrafina with the first equity shelf registration programme, and the first follow-on public offering under said programme by a Mexican issuer, which raised $290m; and Aiza and Rodrigo Castelazo acted for FIBRAVIA on the first rights offering by a Fibra E, which raised MXN$4.1bn (following advice given to Pinfra on the IPO of FIBRAVIA, Mexico’s first energy and infrastructure investment trust). Moreover, Zamarrón assisted Credit Suisse with structuring the first publicly listed commercial real estate lending platform, which raised MXN$5.76bn and was listed as a CKD; as well as Mexico Tower Partners with the structuring, negotiation and implementation of the first securitisation of cell phone towers in Mexico, valued at $115m; and Castelazo advised the initial purchasers on a global offering of senior unsecured notes by Infraestructura Energética Nova, consisting of a simultaneous public offering in Mexico and private placement under rule 144A/Reg S outside of Mexico and including a Singapore listing; as well as Credit Suisse, Banorte Ixa and BBVA Bancomer, as lead Mexican Underwriters on a private placement and subsequent follow-on public offering in Mexico and international placement of shares by RLH Properties, for a total amount of $318m. Name partner Jean Michel Enríquez, Giovanni Ramirez Garrido, Pedro Velasco and Jorge Montaño are also active in the practice. Iker Arriola joined the firm in early 2018 from White & Case S.C.; his practice covers capital markets, banking and finance, corporate and M&A, restructuring and real estate. Other clients include Bank of America, Barclays, Citibanamex, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Blackrock, Blackstone, CKD Infraestructura México, Macquarie, Mexico Retail Properties, Prudential Real Estate Investors, and Walton Street Capital.

[back to top]

Back to index

Legal Developments in Mexico

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Notorious Marks

    Notorious marks or the declaration thereof, has always been an issue widely discussed in Mexico by the IP legal community. This is so because provisions of the Paris Convention dealing with this topic have for a long time been uses as an effort to cancel or nullify trademarks registered by Mexican authorities without really making an extensive evaluation of proposed denominations and without examining in depth if such marks may be potentially affecting rights acquired by third parties elsewhere. So, a specific regulation and legal frame that at least tries to resolve this issue is always a good start in the right direction.

    By Ignacio Dominguez Torrado Uhthoff, Gomez Vega & Uhthoff, S.C. Why a new value? Is Mexico avoiding the economic fallout that the world may be facing? In Mexico franchises are worth more? Is Mexico not a country that the global economic standstill is or will affect? The answer is, not really. Are Franchises in Mexico currently experiencing a boom? Perhaps. Are Franchises becoming an important aspect in Mexican economy? Certainly.

    Advertising in Mexico is governed by multiple bodies of law including for at least seven Federal Laws, five Regulations also of Federal application, a number of the so-called Mexican Official Standards (NOM's) and certain other laws and regulations applicable into specific States within the Republic of Mexico. All of them are focusing to establish the form and manners for producing and communicating advertising of products and services in Mexico.

    It has been well publicized in the Mexican media over the last few months that the General Customs Administration (AGA) and the Mexican Institute of Industrial Property (IMPI) are planning to launch a customs trademark registry, as a short-term solution to increase protection for trademark owners against the import of infringing and counterfeit products.

    The evolution in the protection and enforcement of IP rights has also reached the Mexican practice. The traditional ways of defending a registered trademark on a non use contentious procedure have developed.

    By Jose Luis Ramos-Zurita