BBVA Mexico Supports Nafin in the Issuance of MXN 9.75 Billion in Development Bank Certificates

BBVA Mexico has acted as placement agent in the successful issuance of Development Bank Certificates by Nacional Financiera, S.N.C. (Nafin), for an amount of MXN 9.75 billion and a tenor of 3.3 years.

The certificates, trading under the ticker symbol “NAFR 26-3”, were issued in a traditional floating-rate format, referenced to the TIIE Funding Rate plus 23 basis points, with interest payments every 28 days and principal repayment at maturity. The issuance carries the highest national-scale credit ratings: AAA(mex) by Fitch Ratings and HR AAA by HR Ratings.

The transaction generated total demand of MXN 10.137 billion, equivalent to 1.35 times the target transaction size of MXN 7.5 billion. This strong demand reflects investors’ interest in Nafin’s securities and the depth of its investor base.

SMEs and Priority Sectors

The transaction helps strengthen Nafin’s capacity to continue channeling resources to SMEs and priority sectors such as manufacturing and value chains.

As a development banking institution, Nafin supports business development through access to financing, training, technical assistance, and information, with the aim of enhancing competitiveness and fostering productive investment.

In terms of sustainability, Nafin incorporates environmental and social criteria into its financing and lending schemes, reinforcing its contribution to the country’s sustainable development.

Financial Strength and Market Relevance

Nafin maintains a significant position within Mexico’s development banking sector, particularly in second-tier lending and guarantees. As of June 2026, its loan portfolio had recorded annual growth of 14.6%, driven by its commercial portfolio and financial institutions portfolio, which represented 35.1% and 61.6%, respectively, of the total loan portfolio.

The institution maintains strong capitalization levels, with a capital adequacy ratio of 18.8% in 2026. In addition, pursuant to Article 10 of Nacional Financiera’s Organic Law, the Federal Government is fully liable at all times for the obligations undertaken by Nafin, which constitutes a fundamental source of support for the institution.

Nafin’s issuances are characterized by their high credit quality, depth, and liquidity, positioning the institution as one of the most significant bank paper issuers in the local market.

Through its participation in this transaction, BBVA contributes to strengthening development banking programs that promote economic growth and well-being in Mexico.