Deal | 11 July 2025
BBVA Mexico Supports FIRA in Issuance of Financial Inclusion Social Bond on Local Debt Market
BBVA Mexico, acting as Lead Placement Agent, accompanied Fideicomisos Instituidos en Relación con la Agricultura (FIRA) in placing FEFA Senior Notes totaling MXN 7,774 million. The transaction included the issuance of two Social Bonds focused on Financial Inclusion, marking a significant step forward in the development of sustainable finance in Mexico. Through its products and services, FIRA actively works to narrow the country’s financial-inclusion gaps, in line with the guidelines set out in the FEFA Sustainable Bond Framework.
The issuance consisted of three tranches: FEFA 25-2: a 1.5-year tranche of MXN 3,578 million, placed at TIIE funding rate + 30 basis points, in line with initial price guidance (IPT). FEFA 25S and FEFA 25-2S: the two Financial Inclusion Social Bonds, with tenors of 3.1 and 5 years, respectively, each sized at MXN 3,026 million and MXN 1,170 million, also placed at TIIE funding rate + 33 and + 40 basis points and aligned with IPT.
The issue was very well received, achieving total demand of MXN 10,329 million—2.1 times FIRA’s MXN 5,000 million target. It also earned the highest local-scale credit ratings: mxAAA from Standard & Poor’s and HR AAA from HR Ratings.
Proceeds from the Social Bonds will strengthen key pillars of financial inclusion, including:
FIRA, with over 70 years of history, promotes the development of Mexico’s rural, agricultural, forestry and fisheries sectors by providing loans, guarantees, training, technical assistance and technology transfer to producers and rural enterprises. Since 2018, FIRA has been a pioneer in ESG bond issuance, with landmark deals such as the first Gender Social Bond (“Pink Bond”) in the local market; the first Green Bond internationally to incorporate protected-agriculture criteria; the second internationally focused resilience Green Bond; and, last year, the Blue Bond—alongside the launch of its Sustainable Finance Portal in 2020.
BBVA Mexico thanks FIRA for placing its trust in the institution to execute this important transaction and reiterates its commitment to channeling resources toward sustainable finance. To date, BBVA Mexico has acted as lead placement agent on more than 92 percent of ESG issuances in the local market in 2025.
The issuance consisted of three tranches: FEFA 25-2: a 1.5-year tranche of MXN 3,578 million, placed at TIIE funding rate + 30 basis points, in line with initial price guidance (IPT). FEFA 25S and FEFA 25-2S: the two Financial Inclusion Social Bonds, with tenors of 3.1 and 5 years, respectively, each sized at MXN 3,026 million and MXN 1,170 million, also placed at TIIE funding rate + 33 and + 40 basis points and aligned with IPT.
The issue was very well received, achieving total demand of MXN 10,329 million—2.1 times FIRA’s MXN 5,000 million target. It also earned the highest local-scale credit ratings: mxAAA from Standard & Poor’s and HR AAA from HR Ratings.
Proceeds from the Social Bonds will strengthen key pillars of financial inclusion, including:
- Infrastructure penetration: expanding the network of financial-service access points;
- Product adoption and usage: increasing uptake and regular use of financial products by the population;
- Consumer protection: offering products under a robust regulatory framework of inclusion and transparency;
- Financial education: developing capabilities for responsible and efficient personal-finance management.
FIRA, with over 70 years of history, promotes the development of Mexico’s rural, agricultural, forestry and fisheries sectors by providing loans, guarantees, training, technical assistance and technology transfer to producers and rural enterprises. Since 2018, FIRA has been a pioneer in ESG bond issuance, with landmark deals such as the first Gender Social Bond (“Pink Bond”) in the local market; the first Green Bond internationally to incorporate protected-agriculture criteria; the second internationally focused resilience Green Bond; and, last year, the Blue Bond—alongside the launch of its Sustainable Finance Portal in 2020.
BBVA Mexico thanks FIRA for placing its trust in the institution to execute this important transaction and reiterates its commitment to channeling resources toward sustainable finance. To date, BBVA Mexico has acted as lead placement agent on more than 92 percent of ESG issuances in the local market in 2025.