19 April 2024

BBVA México accompanies Arca Continental subsidiary in the placement of its first SLB for MXN7.4 billion


BBVA México participated as ESG Structuring Agent and Underwriter in the local market issuance of notes for AC Bebidas. This MXN7.4 billion issue is the first sustainability-linked bond (SLB) for the company and for Arca Continental.


The deal consisted of two tranches:

  • ACBE 24L for a total of MXN1.0 billion, at a floating rate pegged to the 28-day Interbank Interest Rate (TIIE), plus ten basis points, at a term of 3.2 years
  • ACBE 24-2L totaling MXN6.4 billion, at a fixed rate of 35 basis points over the reference MBono (a coupon rate of 9.85%), at a term of 8

Both issues were rated mxAAA by S&P and AAA(mex) by Fitch, the highest available in Mexico, and were very well received by the market, with demand totaling MXN11.53 billion, a bid-to-cover ratio of 1.5 times.


The amount raised in the floating-rate tranche is linked to the commitment of obtaining 39% of the total PET resin used in product packaging at AC Bebidas and its subsidiaries from recycled sources, and for the fixed-rate tranche, this commitment is 50%.  These terms are established in Arca Continental’s Sustainability-Linked Financing Framework, which is backed by the favorable second opinion from S&P.


BBVA México thanks AC Bebidas and Arca Continental for entrusting us with the execution of this important transaction, and reiterates its commitment to mobilizing resources to support ESG projects. To date, BBVA Mexico has underwritten more than 67.4% of the ESG issuances on the local market, underscoring its leadership in the local market for public and private ESG project finance.