Deal | 31 July 2025
Naturgy strengthens its financial position with successful issuance of MXN 4 billion in Certificados Bursátiles, with BBVA’s support
Naturgy México, a leading natural gas distributor in the country, successfully placed MXN 4 billion in Certificados Bursátiles (local bonds), reinforcing its financial position and reaffirming investor confidence in its credit profile.
The issuance was structured in two tranches:
The transaction garnered strong demand of MXN 10.3 billion—3.4 times the initial target amount—driven by robust participation from pension funds (Afores), asset managers, insurance companies, government-related entities, broker-dealers, and corporate treasuries.
This deal enables Naturgy to strengthen its maturity profile in line with its long-term financial strategy, supported by top-tier domestic credit ratings of “AAA(mex)” from Fitch and “mxAA+” from S&P Ratings.
With over 25 years of operations in Mexico, Naturgy supplies more than 1.7 million customers across 57 municipalities through a pipeline network exceeding 6,000 km. The company is a pioneer in natural gas distribution and efficient power generation in the country, and is part of the global Naturgy Energy Group, present in over 20 countries.
At BBVA, we congratulate Naturgy México on the success of this transaction and appreciate the trust in us as placement intermediary, reaffirming our commitment to strategic clients in the energy sector and our leadership in the local debt market.
The issuance was structured in two tranches:
- NM 25: MXN 1.5 billion at a floating rate over a 3-year tenor (TIIE de Fondeo + 63 bps), pricing 12 bps inside the Transaction Price Indicator (IPT).
- NM 25-2: MXN 2.5 billion at a fixed rate over 7 years, with a 9.98% coupon (Interpolated Mbono 2031–2033 + 100 bps), pricing 25 bps inside IPT.
The transaction garnered strong demand of MXN 10.3 billion—3.4 times the initial target amount—driven by robust participation from pension funds (Afores), asset managers, insurance companies, government-related entities, broker-dealers, and corporate treasuries.
This deal enables Naturgy to strengthen its maturity profile in line with its long-term financial strategy, supported by top-tier domestic credit ratings of “AAA(mex)” from Fitch and “mxAA+” from S&P Ratings.
With over 25 years of operations in Mexico, Naturgy supplies more than 1.7 million customers across 57 municipalities through a pipeline network exceeding 6,000 km. The company is a pioneer in natural gas distribution and efficient power generation in the country, and is part of the global Naturgy Energy Group, present in over 20 countries.
At BBVA, we congratulate Naturgy México on the success of this transaction and appreciate the trust in us as placement intermediary, reaffirming our commitment to strategic clients in the energy sector and our leadership in the local debt market.