BBVA supports ASUR’s access to international debt markets via Cancún Airport

BBVA acted as Global Coordinator and Joint Bookrunner in structuring a US$1.8 billion issue of US dollar-denominated senior unsecured notes by Aeropuerto de Cancún, S.A. de C.V., a subsidiary of Grupo Aeroportuario del Sureste, S.A.B. de C.V. (“ASUR”). This is Cancún Airport’s first international issue of senior unsecured notes under Rule 144A/Regulation S, guaranteed by ASUR.

The notes were issued by Aeropuerto de Cancún, S.A. de C.V., the concessionaire of Cancún International Airport and an ASUR subsidiary. They are guaranteed by ASUR. The transaction was structured under Rule 144A/Regulation S in two tranches, with maturities of five and ten years. The notes were rated BBB by S&P and BBB+ by Fitch.

The five-year tranche was priced at a yield of 6.711%, equivalent to a spread of 170 basis points over US Treasuries. The ten-year tranche was priced at a yield of 7.491%, equivalent to a spread of 225 basis points over US Treasuries. The transaction attracted strong investor demand, with the order book peaking at approximately US$3.8 billion, more than twice the total amount issued.

"An international transaction of this scale allows ASUR to broaden its funding sources and manage its maturities through a diversified tenor structure," said Álvaro Vaqueiro Ussel, Head of BBVA CIB in Mexico. "BBVA’s role as Global Coordinator reflects the bank’s ability to support Mexican companies in complex transactions, connecting them with a global investor base and international capital markets."

The transaction comes amid a period of international expansion for ASUR. The company recently completed the acquisition of airports in Latin America and the United States, further diversifying its airport portfolio.

With this transaction, BBVA Mexico reaffirms its ability to support large corporations in international financing transactions, combining capital markets expertise and structuring capabilities with access to a broad global investor base.