Deal | 04 July 2025
BBVA Supports NAFIN in Successful 10,018 Million Pesos Issuance
BBVA acted as Joint Bookrunner in the successful issuance of Certificados Bursátiles (CEBURES) by Mexico’s development bank Nacional Financiera, S.N.C. (NAFIN)—a strategic transaction aimed at enhancing access to financing across key sectors of the Mexican economy.
The offering raised a total of 10,018 million pesos, driven by strong investor demand. The transaction was structured as a floating-rate tranche, listed under the ticker NAFR 25, with a 3-year tenor and priced at the Mexican Fondeo TIIE rate plus 24 basis points, in line with initial price guidance shared with the market.
The notes received the highest local credit ratings from the leading agencies: AAA(mex) from Fitch México, mxAAA from S&P Global Ratings, and AAA.mx from Moody’s Local MX. As a development bank instrument, the CEBURES benefit from the explicit guarantee of the Mexican Federal Government, reinforcing their credit strength and investor appeal. This strength is further supported by NAFIN’s solid operational track record and a historically high-quality credit portfolio, the result of sustained structural growth.
Proceeds from the issuance will be used to refinance existing liabilities and fund new credit operations, with a focus on expanding access to financing for micro, small, and medium-sized enterprises (MSMEs). NAFIN is Mexico’s leading development bank in second-tier lending and credit guarantee programs.
With over 90 years of history, Nacional Financiera has played a pivotal role in Mexico’s economic development, particularly in supporting MSMEs (MiPyME) through:
Nacional Financiera also reaffirms its commitment to sustainability through the integration of ESG criteria. Currently, 78% of its outstanding issuances are thematic, reflecting a strategy aligned with international best practices in sustainable finance.
We congratulate Nacional Financiera on the success of this issuance and are grateful for the trust they have placed in BBVA.
The offering raised a total of 10,018 million pesos, driven by strong investor demand. The transaction was structured as a floating-rate tranche, listed under the ticker NAFR 25, with a 3-year tenor and priced at the Mexican Fondeo TIIE rate plus 24 basis points, in line with initial price guidance shared with the market.
The notes received the highest local credit ratings from the leading agencies: AAA(mex) from Fitch México, mxAAA from S&P Global Ratings, and AAA.mx from Moody’s Local MX. As a development bank instrument, the CEBURES benefit from the explicit guarantee of the Mexican Federal Government, reinforcing their credit strength and investor appeal. This strength is further supported by NAFIN’s solid operational track record and a historically high-quality credit portfolio, the result of sustained structural growth.
Proceeds from the issuance will be used to refinance existing liabilities and fund new credit operations, with a focus on expanding access to financing for micro, small, and medium-sized enterprises (MSMEs). NAFIN is Mexico’s leading development bank in second-tier lending and credit guarantee programs.
With over 90 years of history, Nacional Financiera has played a pivotal role in Mexico’s economic development, particularly in supporting MSMEs (MiPyME) through:
- Innovative financial solutions
- Market-driven financial structures
- Specialized technical assistance
Nacional Financiera also reaffirms its commitment to sustainability through the integration of ESG criteria. Currently, 78% of its outstanding issuances are thematic, reflecting a strategy aligned with international best practices in sustainable finance.
We congratulate Nacional Financiera on the success of this issuance and are grateful for the trust they have placed in BBVA.