Deal | 22 August 2025
BBVA Acts as Joint Bookrunner in Grupo Aeroportuario del Pacífico’s MXN 8.5 Billion Bond Placement
We are pleased to announce the successful placement of Grupo Aeroportuario del Pacífico’s (GAP) local notes, rated mxAAA by S&P and Aaa.mx by Moody’s, for a total amount of MXN 8.5 billion, executed through two tranches:
The transaction attracted strong demand, reaching a 1.98 times oversubscription, with participation from a broad and diversified investor base, including pension funds (Afores), investment funds, government entities, brokerages, insurers, private banks, and independent advisers.
GAP is Mexico’s leading airport operator by passenger traffic and airport diversification, with operations across 12 airports in Mexico and 2 in Jamaica, mobilizing more than 62 million passengers in 2024. Proceeds from this issuance will be used both to refinance existing debt and to finance its 2025–2029 Master Development Program, focused on expanding and modernizing key airports — including Guadalajara, Tijuana, Los Cabos, and Puerto Vallarta — with the aim of strengthening connectivity and supporting growth in regional air transport.
BBVA’s participation as Joint Bookrunner underscores our commitment to delivering high-value financial solutions for major corporates, supporting strategic projects that foster economic development and competitiveness in Mexico.
We congratulate Grupo Aeroportuario del Pacífico on this successful transaction and thank them for their trust in BBVA. We remain committed to accompanying their growth and further strengthening Mexico’s airport infrastructure together.
- GAP 25-2: MXN 4.05 billion, 3-year tenor, floating rate at TIIEF +48 bps.
- GAP 25-3: MXN 4.45 billion, 6-year tenor, fixed rate at MBono 2031 +40 bps.
The transaction attracted strong demand, reaching a 1.98 times oversubscription, with participation from a broad and diversified investor base, including pension funds (Afores), investment funds, government entities, brokerages, insurers, private banks, and independent advisers.
GAP is Mexico’s leading airport operator by passenger traffic and airport diversification, with operations across 12 airports in Mexico and 2 in Jamaica, mobilizing more than 62 million passengers in 2024. Proceeds from this issuance will be used both to refinance existing debt and to finance its 2025–2029 Master Development Program, focused on expanding and modernizing key airports — including Guadalajara, Tijuana, Los Cabos, and Puerto Vallarta — with the aim of strengthening connectivity and supporting growth in regional air transport.
BBVA’s participation as Joint Bookrunner underscores our commitment to delivering high-value financial solutions for major corporates, supporting strategic projects that foster economic development and competitiveness in Mexico.
We congratulate Grupo Aeroportuario del Pacífico on this successful transaction and thank them for their trust in BBVA. We remain committed to accompanying their growth and further strengthening Mexico’s airport infrastructure together.