BBVA Mexico supported Banobras in its MXN 10 billion debt certificate issuance

The transaction strengthens Banobras’ capacity to finance infrastructure and priority projects that contribute to Mexico’s economic and social development.

BBVA Mexico acted as placement agent for Banco Nacional de Obras y Servicios Públicos, S.N.C. (Banobras) in the issuance of the BANOB 26-6, BANOB 26-7 and BANOB 26-8 debt securities. The three securities attracted aggregate demand of MXN 17,31 billion, equivalent to 2.3 times the target amount of MXN 7,5 billion. The transaction strengthens Banobras’ capacity to channel funding into infrastructure and priority projects for the country.

The issuance comprised three tranches: BANOB 26-6, a four-year floating-rate tranche linked to the Overnight TIIE, under which MXN 500 million was placed; BANOB 26-7, a seven-year fixed-rate tranche benchmarked against the 2033 Mbono, under which MXN 3 billion was placed; and BANOB 26-8, a fifteen-year fixed-rate tranche benchmarked against an interpolated reference based on the 2038 and 2042 Mbonos, under which MXN 6,5 billion was placed. The respective pricing levels were the Overnight TIIE plus 24 basis points, 9.36% (a spread of 39 basis points over the 2033 Mbono) and 10.27% (a spread of 56 basis points over the interpolated 2038 and 2042 Mbono reference).

The certificates benefit from a Federal Government guarantee covering Banobras’ liabilities, pursuant to Article 11 of its Organic Law. They have also received the highest national-scale credit ratings: AAA (mex) from Fitch México, AAA.mx from Moody’s Local and mxAAA from S&P Global Ratings.

Banobras, a key player in Mexico’s development

Banobras plays a strategic role in infrastructure development in Mexico by mobilising long-term financing for projects that strengthen connectivity, public services and the country’s competitiveness. Its lending activity supports the investment needs of the Federal Government, states and municipalities, helping to close infrastructure gaps and improve conditions for economic and social development. Between October 2024 and August 2026, the institution granted loans totalling MXN 201,66 billion and made disbursements of approximately MXN 104 billion for priority projects.

Financial strength

As at the end of June 2026, Banobras reported a capital adequacy ratio (CAR) of 27.07%, above the commercial banking sector average of 20.47%. Furthermore, as at July 2026, it accounted for 52% of the development banking sector’s loan portfolio, underscoring its importance within the Mexican financial system.

Through its participation in this transaction, BBVA Mexico reaffirms its commitment to supporting development banks in mobilising resources to finance infrastructure and strategic projects that contribute to economic growth and the country’s well-being.