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Capital Markets transactions


We represented BBVA Securities, Citigroup Global Markets, Goldman Sachs, HSBC Securities, Morgan Stanley, and Santander US Capital Markets, in connection with the offering by America Móvil of its (i) MXN$6 billion 10.125% Senior Notes due 2029, (ii) MXN$6 billion 9.5% Senior Notes due 2031, and (iii) MXN$3.5 billion 10.3% Senior Notes due 2034.

CLIENT:

BBVA Securities
Citigroup Global Markets
Goldman Sachs
HSBC Securities (USA)
J.P. Morgan Securities
Morgan Stanley
Santander US Capital Markets

PRACTICE AREA:

Capital Markets

CLOSING DATE:

July 2025

VALUE:

MXN$15,500 million

OTHER FIRMS:

Cleary Gottlieb Steen & Hamilton, US counsel to América Móvil Bufete Robles Miaja, Mexican counsel to América Móvil Simpson Thacher & Bartlett, US counsel to BBVA Securities Citigroup Global Markets, Goldman Sachs & Co., HSBC Securities (USA), J.P. Morgan Securities, Morgan Stanley & Co., Santander US Capital Markets, as underwriters.

Abajo Arriba

We represented Barclays, BBVA, Goldman Sachs, Mizuho Securities and Morgan Stanley, as underwriters, in connection with the offering by the United Mexican States of its (i) USD$3.9 billion 5.850% Global Notes due 2032, and (ii) USD$2.8 billion 6.625% Global Notes due 2038.
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CLIENT:

Barclays Capital
BBVA Securities
Goldman Sachs
Mizuho Securities
Morgan Stanley

PRACTICE AREA:

Capital Markets

CLOSING DATE:

July 2025

VALUE:

USD$6,800,483,000

OTHER FIRMS:

Sullivan & Cromwell LLP, US counsel to Barclays Capital Inc., BBVA Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC Cleary Gottlieb Steen & Hamilton LLP, US counsel of the United Mexican States.

Abajo Arriba

We represented Plata, in the private issuance of Fixed Rate Senior Notes in the international market pursuant to Rule 144A and Regulation S.

CLIENT:

Plata

PRACTICE AREA:

Capital Markets

CLOSING DATE:

June 2025

VALUE:

ND

OTHER FIRMS:

Skadden, co-counsel to Plata Roschier Advokatbyrå, counsel to Pareto Securities as sole bookrunner

Abajo Arriba

We represented Grupo Engencap, in the establishment of a MXN$1,000 million short-term CEBURE program before the Mexican Securities and Exchange Commission (CNBV).

CLIENT:

Grupo Engencap

PRACTICE AREA:

Capital Markets

CLOSING DATE:

June 2025

VALUE:

MXN$1,000 million

Abajo Arriba

We represented BBVA Securities, Goldman Sachs, Morgan Stanley, HSBC Securities, and Scotia Capital, in connection with the offering by America Movil of its USD$500 million, 5.00% senior notes due 2033.

CLIENT:

BBVA Securities
Goldman Sachs
Morgan Stanley
HSBC Securities
Scotia Capital (USA)

PRACTICE AREA:

Capital Markets

CLOSING DATE:

June 2025

VALUE:

USD$500 million

OTHER FIRMS:

Cleary Gottlieb Steen & Hamilton, United States counsel to América Móvil Bufete Robles Miaja, Mexican counsel to América Móvil Simpson Thacher & Bartlett, United States counsel to BBVA Securities, Goldman Sachs, Morgan Stanley, HSBC Securities, and Scotia Capital, as underwriters.

Abajo Arriba

We represented Mexico Infrastructure Partners (MIP) in the structuring of Fibra-E FIEMEX, as well as FIEMEX, in the issuance and initial placement of USD $4.5 billion CBFEs. FIEMEX’s initial assets consist of 12 combined-cycle power generation plants and one wind farm. These power plants were acquired from CKD “FIECK” in exchange for CBFEs issued by FIEMEX, which were subsequently distributed to FONADIN and Afores as holders of FIECK’s CKDs. FIECK was structured by MIP to raise funds from FONADIN to purchase these power plants from Iberdrola in February 2024.

CLIENT:

Mexico Infrastructure Partners

PRACTICE AREA:

Capital Markets

CLOSING DATE:

June 2025

VALUE:

USD$4,500 million

OTHER FIRMS:

Creel García Cuellar, Tax counsel to MIP Nader, Hayaux & Goebel, Counsel to Fonadin and the Afores.

Abajo Arriba

We represented Casa de Bolsa Santander, as underwriter and structuring agent, and Casa de Bolsa Banorte, as structuring agent, in the public offering by Xinfra of 257,424,704 energy and infrastructure investment trust certificates (CBFEs), for MXN$5,148 million.

CLIENT:

Casa de Bolsa Santander
Casa de Bolsa Banorte

PRACTICE AREA:

Capital Markets

CLOSING DATE:

June 2025

VALUE:

MXN$5,148 million

OTHER FIRMS:

Creel García-Cuéllar Aiza y Enríquez, counsel to Xinfra.

Abajo Arriba

We represented J.P. Morgan, Mizuho, Morgan Stanley, Barclays, BofA Securities and Citigroup, as initial purchasers, in connection with the offering by Orbia of its (i) USD$650 million 6.800% Senior Notes due 2030, and (ii) USD$450 million 7.500% Senior Notes due 2035. In addition, we represented J.P. Morgan, Mizuho and Morgan Stanley as dealer managers in connection with the concurrent tender offer by Orbia for any and all of its 1.875% Senior Notes due 2026.

CLIENT:

J.P. Morgan, Mizuho, Morgan Stanley, Barclays, BofA Securities and Citigroup

PRACTICE AREA:

Capital Markets

CLOSING DATE:

May 2025

VALUE:

USD$1.1 billion

OTHER FIRMS:

Davis Polk & Wardwell LLP and White & Case, Counsel to Orbia Cleary Gottlieb Steen & Hamilton in New York, Counsel to the initial purchasers.

Abajo Arriba

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