BBVA Mexico supports FONACOT Institute’s gender-focused social bond issue

The transaction strengthens access to credit for workers in formal employment, with particular attention to women’s financial needs. It thereby contributes to financial inclusion and the well-being of Mexican families.

BBVA Mexico acted as a joint placement agent on the issuance of debt securities by the Institute of the National Fund for Workers’ Consumption (FONACOT), for a total of MXN 5,75 billion, under the Gender-Focused Social Bonds label. The issue attracted demand of MXN 12,32 billion, representing a 2.14x oversubscription.

The issuance was structured in two tranches, with flexible allocation of the amount between them depending on demand: FNCOT 26G, a three-year floating-rate tranche, for MXN 1,55 billion, priced at a spread of 59 basis points over the TIIE de Fondeo, Mexico’s money market benchmark interest rate, 6 basis points below the initial price talk (IPT); and FNCOT 26-2G, a five-year fixed-rate tranche, for MXN 4,2 billion, priced at a spread of 73 basis points over the MBono 2031, equivalent to an interest rate of 9.24%, 12 basis points below the initial price talk.

The transaction, the Institute’s first issuance under its new administration, reflects the effectiveness of the placement process, FONACOT's close ties with institutional investors and its strong relationships within the Mexican debt market. 

Financing with social impact and a gender perspective

The proceeds will help broaden access to finance for workers in formal employment, on terms that support their well-being and quality of life, with particular attention to women’s needs. This is in line with FONACOT’s 2025–2030 Institutional Work Programme.

In the first half of 2026, women accounted for 42% of the loans granted and 39% of the total amount lent by the Institute, compared with 40% and 36%, respectively, in 2021. This reflects the growing share of women in FONACOT’s lending activity.

The bonds were issued under FONACOT's Social Bond Framework, which has received a favourable Second-Party Opinion from HR Ratings. The opinion confirms that the framework is aligned with the International Capital Market Association’s (ICMA) Social Bond Principles.

Financial strength and importance to workers in formal employment

At the end of June 2026, FONACOT reported a loan portfolio of MXN 80,84 billion, a non-performing loan ratio of 3.07%, a coverage ratio of 2.73x and a return on equity (ROE) of 15.4%.

In the first half of the year, the Institute granted MXN 36,83 billion in loans, up 17.4% on the same period in 2025, benefiting more than 1.2 million people. Net profit reached MXN 2,73 billion, an increase of 3.9% year on year.

Through its participation in this transaction, BBVA Mexico reaffirms its commitment to developing the local debt market and promoting financial instruments that support financial inclusion, gender equality and the well-being of Mexican families.