BBVA Mexico supports FIRA (FEFA) in the issuance of trust-issued certificados bursátiles in the local market for a total amount of MXN 7,017 million
BBVA Mexico acted as joint bookrunner in the recent issuance of trust-issued certificados bursátiles (certificados bursátiles fiduciarios) by the Fondo Especial para Financiamientos Agropecuarios (FEFA), one of the trusts that make up the Fideicomisos Instituidos en Relación con la Agricultura (FIRA), for a total amount of MXN 7,017 million. This highlights its strategic role as a key financing driver for Mexico’s agribusiness, forestry and fisheries sectors.
The transaction recorded strong demand from institutional investors, reaching an oversubscription of 1.75x the initial target amount. The issuance was rated “HR AAA” by HR Ratings and “mxAAA” by S&P Global Ratings. This outcome reflects market confidence in FIRA’s management and its ability to generate value in the rural sector.
According to Álvaro Vaqueiro Ussel, Head of Corporate & Investment Banking at BBVA Mexico, “the institution is proud to support FIRA’s work, which once again demonstrates through this transaction its leadership in supporting the Mexican agricultural sector.”
"FIRA not only addresses immediate credit needs, but also leads a structural transformation towards a more resilient, productive and sustainable agricultural sector, consolidating long-term food security."
The issuance was carried out under an interchangeable tranches structure (vasos comunicantes) and was divided into three tranches:
- FEFA 26: 1.5-year issuance (532 days) for MXN 2,706 million at a floating rate, priced at TIIE de Fondeo + 31 bps.
- FEFA 26-2: 3-year issuance (1,092 days) for MXN 1,371 million at a floating rate, priced at TIIE de Fondeo + 35 bps.
- FEFA 26V (Green Bond): 5-year tranche (1,820 days) for MXN 2,940 million at a floating rate, priced at TIIE de Fondeo + 42 bps.
A key highlight of this issuance is the FEFA 26V tranche, labeled as a Green Resilience Bond. Proceeds from this instrument, in line with FIRA’s Sustainable Bond Framework, will be strategically allocated to finance projects that strengthen rural producers’ capacity to adapt to climate change-related risks. In addition, the transaction received a favorable and independent Second Party Opinion (SPO) from Sustainalytics.
For BBVA Mexico, participation in this transaction underscores its commitment to development banking and to structuring financial solutions that connect institutional savings with the real and sustainable progress of the agricultural sector, as well as to mobilizing financial resources toward a resilient long-term Mexican economy.