BBVA Mexico supports Nafin in the issuance of MXN 9.658 billion in Development Banking Bonds
BBVA Mexico acted as bookrunner in the successful issuance of Development Banking Bonds by Nacional Financiera, S.N.C. (Nafin). The transaction achieved total demand of MXN 11.688 billion with a three-year maturity.
The bonds, identified by the ticker “NAFR 26”, were placed in a traditional floating-rate format referenced to TIIE Fondeo plus 23 basis points, with principal payable at maturity and interest payments every 28 days. The issuance holds the highest credit rating on the national scale, AAA(mex) from Fitch Ratings and HR AAA from HR Ratings. The transaction was 1.55 times oversubscribed, reflecting strong investor demand for Nafin’s bonds.
"the bank’s participation in this transaction is aligned with its objective of fostering the country’s development, acting as a strategic partner to second-tier development banking"
According to Álvaro Vaqueiro Ussel, Head of Corporate and Investment Banking at BBVA Mexico, “the bank’s participation in this transaction is aligned with its objective of fostering the country’s development, acting as a strategic partner to second-tier development banking and playing a key role in promoting Mexico’s economic growth through the funding of resources allocated to a range of productive sectors.”
Nafin has maintained its position as the largest development bank in second-tier lending and guarantees. As of the end of September 2025, the institution reported a total loan and guarantee portfolio of MXN 364.575 billion. Of this amount, 78% corresponds to financing channelled through financial institutions, while the remaining 22% was granted directly.