Deal | 25 July 2025
Operadora de Sites Mexicanos Successfully Places MXN 6 Billion in Local Bonds
BBVA México acted as lead placement agent for Telesites in a structured debt issuance comprised of two complementary tranches.
Operadora de Sites Mexicanos (SITES1) successfully completed a bond placement for MXN 6 billion in the local market, drawing total demand of MXN 17.558 billion—2.9 times the amount issued.
The offerings received long-term credit ratings of AAA(mex) from Fitch México and HR AAA from HR Ratings, underscoring the company’s robust credit profile.
The transaction was structured in two tranches:
The transaction saw strong participation from institutional investors, including pension funds (Afores), trading desks, insurers, mutual funds, and private banking platforms.
Proceeds will be used for refinancing existing liabilities and general corporate purposes.
Telesites is a Mexican company specializing in supporting telecommunications through the development and management of physical passive infrastructure. Its operations range from the construction and installation of towers and related structures, to their maintenance, commercial operation, and client-specific adaptation. The company manages over 24,100 towers across Mexico and Costa Rica. Since its founding and IPO in 2015, Telesites has enabled the expansion of mobile, voice, data, and video services nationwide, providing infrastructure access to telecom operators throughout Mexico. It is currently the largest tower company in the country.
At BBVA, we thank Telesites for placing their trust in us to support this strategic transaction aimed at furthering their growth and financial resilience.
Operadora de Sites Mexicanos (SITES1) successfully completed a bond placement for MXN 6 billion in the local market, drawing total demand of MXN 17.558 billion—2.9 times the amount issued.
The offerings received long-term credit ratings of AAA(mex) from Fitch México and HR AAA from HR Ratings, underscoring the company’s robust credit profile.
The transaction was structured in two tranches:
- SITES1 25 (Floating Rate): MXN 4.105 billion, 3-year tenor, priced at the Fondeo TIIE benchmark plus 49 basis points—an improvement of 11 bps over initial price talk (IPT).
- SITES1 25-2 (Fixed Rate): MXN 1.895 billion, 7-year tenor, priced at MBono 31-33 (8.98%) plus 60 basis points, translating into a 9.58% annual yield—20 bps inside the IPT range.
The transaction saw strong participation from institutional investors, including pension funds (Afores), trading desks, insurers, mutual funds, and private banking platforms.
Proceeds will be used for refinancing existing liabilities and general corporate purposes.
Telesites is a Mexican company specializing in supporting telecommunications through the development and management of physical passive infrastructure. Its operations range from the construction and installation of towers and related structures, to their maintenance, commercial operation, and client-specific adaptation. The company manages over 24,100 towers across Mexico and Costa Rica. Since its founding and IPO in 2015, Telesites has enabled the expansion of mobile, voice, data, and video services nationwide, providing infrastructure access to telecom operators throughout Mexico. It is currently the largest tower company in the country.
At BBVA, we thank Telesites for placing their trust in us to support this strategic transaction aimed at furthering their growth and financial resilience.