Deal | 13 November 2025
TIP México issues MXN 4 billion in Fiduciary Certificates with BBVA as Lead Placement Agent
BBVA acted as Lead Placement Agent in TIP México’s successful MXN 4 billion issuance of Fiduciary Certificates, which received the highest local credit ratings of AAA(mex) from Fitch Ratings and AAA.mx from Moody’s.
The offering was carried out in two tranches, both with a 5.5-year legal maturity:
Total demand reached MXN 11.06 billion, equivalent to 4.42 times the target amount, making it the most oversubscribed structured deal within Mexico’s non-bank financial sector in the local market.
The investor base was well diversified, including Afores (pension funds), brokerage firms and trading desks, investment funds, insurers, private banks, and independent advisors.
The issuances are backed by collection rights from TIP’s leasing and credit contracts, with an initial/requisite coverage ratio of 1.20x over the debt. The structure includes a 30-month revolving period and a 36-month full turbo amortization period starting on month 31. Through this transaction, TIP reduced its collateral coverage requirement and extended its legal maturity compared to previous deals, gaining greater flexibility and optimizing asset utilization.
TIP México is the country’s leading provider of transportation and logistics equipment leasing and maintenance, with over 30 years of experience. Through its divisions — TIP México, TIP Auto, and BitCar — the company offers integrated solutions across heavy transportation equipment leasing, light fleet leasing, and corporate mobility. As of June 2025, TIP managed more than 33,000 units and MXN 12.46 billion in productive assets, consolidating its leadership in the industry.
BBVA congratulates TIP México on the success of this transaction and appreciates the trust placed in us as Lead Placement Agent. We reaffirm our commitment to continue supporting the group in its growth plans, which contribute to the development and modernization of Mexico’s transportation sector.
The offering was carried out in two tranches, both with a 5.5-year legal maturity:
- TIPMXCB 25: MXN 1.4 billion at MBono 2029 + 214 basis points
- TIPMXCB 25-2: MXN 2.6 billion at TIIE + 210 basis points
Total demand reached MXN 11.06 billion, equivalent to 4.42 times the target amount, making it the most oversubscribed structured deal within Mexico’s non-bank financial sector in the local market.
The investor base was well diversified, including Afores (pension funds), brokerage firms and trading desks, investment funds, insurers, private banks, and independent advisors.
The issuances are backed by collection rights from TIP’s leasing and credit contracts, with an initial/requisite coverage ratio of 1.20x over the debt. The structure includes a 30-month revolving period and a 36-month full turbo amortization period starting on month 31. Through this transaction, TIP reduced its collateral coverage requirement and extended its legal maturity compared to previous deals, gaining greater flexibility and optimizing asset utilization.
TIP México is the country’s leading provider of transportation and logistics equipment leasing and maintenance, with over 30 years of experience. Through its divisions — TIP México, TIP Auto, and BitCar — the company offers integrated solutions across heavy transportation equipment leasing, light fleet leasing, and corporate mobility. As of June 2025, TIP managed more than 33,000 units and MXN 12.46 billion in productive assets, consolidating its leadership in the industry.
BBVA congratulates TIP México on the success of this transaction and appreciates the trust placed in us as Lead Placement Agent. We reaffirm our commitment to continue supporting the group in its growth plans, which contribute to the development and modernization of Mexico’s transportation sector.