20 March 2024

BBVA participates in the placement of GAP’s Sustainability-Linked Notes

We are pleased to announce the successful placement of a issuance of sustainability-linked notes by Grupo Aeroportuario del Pacíficos (GAP), rated mxAAA by Standard & Poor's (S&P) and Aaa.mx by Moody's, for a total of MXN 3 billion. The transaction was carried out through a combination of formats:

  • GAP 24L: MXN 1.38bn placed at a floating rate of 25bp over the TIIE at 3 years.
  • GAP 24-2L: MXN 1.61bn was placed at a fixed rate of a 65 bp spread over the MBono 2031, a coupon rate of 9.94%.

BBVA participated as Joint Bookrunner in the issuance, which was met by total demand of approximately MXN7.16bn, a bid-to-cover ratio of 2.39 times, across a diversified investor base that included Afores, decentralized government agencies, brokerage firms, money markets, mutual funds and insurance companies, as well as private banks and independent advisors.

The notes are sustainability-linked certificates, whose terms are dependent on two main objectives:

  • A 25% reduction in GAP's absolute Scope 1 and 2 greenhouse gas (GHG) emissions at its 14 airports in Mexico by 2025 relative to the 2019 baseline.
  • Obtaining ACA Level 3 or higher certification for its 14 airports, and ACA Level 3+ certification for at least three of them, by 2028.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) is a private airport services operator that in 1998 obtained a 50-year concession to operate twelve airports throughout Mexico's Pacific region, including major cities--Guadalajara and Tijuana; four tourist destinations--Puerto Vallarta, Los Cabos, La Paz and Manzanillo; as well as six other medium-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis.

We thank GAP for their confidence and for choosing us as Joint Bookrunner in this successful placement and reiterate our commitment to the group to continue working alongside them to grow and drive the development of air transportation. To date, BBVA has participated in more than 28% of the ESG issues launched on the local market.