News | 15 June 2026
BBVA Mexico supports Banobras in the issuance of local-market bonds for a total amount of MXN 20 billion
This transaction will provide Banobras with the resources required to strengthen the development of strategic infrastructure in Mexico, supporting key projects for the country’s economic and social development.
BBVA Mexico acted as bookrunner in the successful issuance of bonds by Banco Nacional de Obras y Servicios Públicos, S.N.C. (Banobras), for a total amount of MXN 20 billion across three tranches.
The issuance received the highest national-scale credit rating, ‘AAA(mex)’, from Fitch México, Moody’s Local and S&P Global Ratings, reflecting Banobras’ strong credit quality and the low-risk profile associated with its obligations. The transaction was oversubscribed by 2.1 times relative to the initial issuance amount of MXN 10 billion.
The transaction attracted participation from the country’s leading institutional investors, underscoring investor interest in and confidence in Banobras’ strategy. This confidence is supported by the bank’s sound financial performance and its strategic role in the country’s development.
The transaction was carried out through a linked-bookbuilding structure and was divided into three tranches:
- BANOB 26-5: issuance with a tenor of 588 days (approximately 1.6 years) for MXN 10.400 million at a floating rate referenced to the Funding TIIE rate + 19 bps, in line with initial price guidance.
- BANOB 26-3 (Reopening): issuance with a tenor of 2,831 days (approximately 7.9 years) for MXN 2.400 million at a fixed rate referenced to MBONO 2034 + 42 bps, resulting in a yield of 9.48.
- BANOB 26-4 (Reopening): issuance with a tenor of 4,287 days (approximately 11.9 years) for MXN 7.200 million at a fixed rate referenced to MBONO 2038 + 50 bps, resulting in a yield of 9.90%.
According to Álvaro Vaqueiro Ussel, Head of Corporate and Investment Banking at BBVA Mexico, “this new issuance will strengthen Banobras’ capacity to continue promoting the efficient and timely financing of strategic infrastructure projects in Mexico, contributing to the development of projects that enhance connectivity, facilitate mobility and support broader coverage and higher-quality public services.” He added: “BBVA Mexico is proud to contribute to improving development levels across Mexico through transactions such as this.”
The proceeds will support financing for state and local governments in line with Banobras’ institutional mandate, promoting initiatives with a direct impact on the country’s economic and social development and on the quality of life of its population.
In the current environment, and in line with the objectives of Plan México, Banobras remains a key institution for mobilising public and private investment towards projects with a high economic and social impact, contributing to the strengthening of strategic infrastructure and the country’s development. The institution has also reaffirmed its leadership position as Mexico’s largest infrastructure development bank.
BBVA Mexico’s participation in this transaction reflects its leadership in the capital markets and its commitment to supporting the country’s development. The bank continues to consolidate its position as a strategic partner, contributing to the financing of projects that foster economic growth and, in turn, higher levels of well-being in Mexico.