BBVA Mexico supports GAP in a MXN 10,718 million issuance in the local market

BBVA Mexico participated as joint bookrunner in Grupo Aeroportuario del Pacífico, S.A.B. de C.V.’s (GAP) recent issuance of certificados bursátiles, for a total amount of MXN 10,718 million.

Proceeds from the issuance will be used to acquire a 25% stake in the Cross Border Xpress (CBX) project, a landside terminal located in San Diego (United States of America), connected to a pedestrian bridge adjacent to the Mexican border, which in turn connects to the Mexican section leading to Tijuana International Airport. Additionally, funds will be allocated to meet its asset investment requirements in accordance with the 2025–2029 Master Development Plan.

The issuance was carried out using a “vasos comunicantes” structure and was divided into two tranches: GAP 26, a three-year issuance of MXN 2,787 million at a floating rate, referenced to funding TIIE + 45 basis points, with interest payments every 28 days; and GAP 26-2, a 10-year issuance of MXN 7,951 million at a fixed rate, referenced to MBono 36 + 60 basis points, with semi-annual interest payments (every 182 days).

“Airport infrastructure in Mexico is essential to drive economic development, connectivity and tourism. Therefore, supporting clients such as GAP in their strategic projects is not only key, but also represents a direct benefit for the country,” said Álvaro Vaqueiro Ussel, Head of Corporate and Investment Banking.

This transaction will support strategic projects such as Cross Border Xpress (CBX) and the New Terminal Building, a unique infrastructure that connects Tijuana airport with the United States, enabling direct access to the Southern California market and providing more efficient binational connectivity. It will also contribute to the objectives of GAP’s Master Development Plan, which includes a 53.2% expansion of terminal buildings and a 26% increase in aircraft parking positions by 2029.

These improvements aim to meet growing demand, with passenger traffic increasing by 2.5% in 2025 compared to the previous year.

GAP’s infrastructure facilitates both domestic and international connectivity, managing key nodes for tourism, business and logistics in the Pacific and Caribbean regions. By operating key airports such as Guadalajara, Tijuana and Los Cabos, the Group not only drives regional economic development, but also provides its more than 63 million annual users with efficient and modern infrastructure that strengthens the country’s competitiveness on the global stage.

Grupo Aeroportuario del Pacífico (GAP) operates five of the ten airports with the highest passenger traffic in Mexico, consolidating its position as the operator with the largest market share in the country, at 31.4% as of year-end 2025.

BBVA Mexico’s participation in this transaction reaffirms its ability to structure financial solutions that promote the development of strategic infrastructure, connecting investors with leading companies.