BBVA México supported Banobras in the placement of local bonds (certificados bursátiles) in the domestic market for a total amount of MXN 17 billion
BBVA México acted as bookrunner in the recent issuance of certificados bursátiles by Banco Nacional de Obras y Servicios Públicos, S.N.C. (Banobras), totaling MXN 17 billion, reaffirming its commitment to financing projects that drive the development of strategic infrastructure in the country.
The transaction saw strong demand from institutional investors, reaching an oversubscription level of 1.92x the target issuance amount. This result reflects market interest in Banobras’ financial performance, as well as its strategic role in the country’s economic development. The issuance received the highest national scale ratings, ‘AAA(mex)’, assigned by Fitch México, Moody’s Local, and S&P Global Ratings, indicating a low perceived credit risk associated with Banobras’ debt.
“the successful execution of this issuance enables the efficient and timely channeling of resources into projects that strengthen the country’s competitiveness and infrastructure"
According to Álvaro Vaqueiro Ussel, Head of Corporate & Investment Banking at BBVA México, “the successful execution of this issuance enables the efficient and timely channeling of resources into projects that strengthen the country’s competitiveness and infrastructure, while directly and positively impacting quality of life through more efficient public service delivery.”
The issuance was carried out under a multi-tranche (taps/linked tranches) structure and was divided into four series:
- BANOB 26: 560-day tenor, MXN 3.5 billion, floating rate, referenced to TIIE funding rate + 18 bps, priced in line with initial guidance.
- BANOB 26-2: 1,288-day tenor (approximately 3.5 years), MXN 1.9 billion, floating rate, referenced to TIIE funding rate + 24 bps, priced in line with initial guidance.
- BANOB 26-3: 2,912-day tenor (approximately 8 years), MXN 4.9 billion, fixed rate, referenced to MBONO 2034 (9.34%) + 42 bps, resulting in a yield of 9.76%, in line with initial guidance.
- BANOB 26-4: 4,368-day tenor (approximately 12 years), MXN 6.7 billion, fixed rate, referenced to MBONO 2038 (9.62%) + 50 bps, resulting in a yield of 10.12%, in line with initial guidance.
In line with its 2026 strategy, Banobras continues to prioritize financing for key Federal Government projects included in Plan México, as well as the development of innovative structures that promote blended investment. According to its Annual Financing Plan, estimated funding needs amount to MXN 457 billion for 2026.
BBVA México’s participation in this transaction further demonstrates its leadership in the capital markets, as well as its ability to structure financial solutions that connect institutional savings with the development of long-term productive assets.