BBVA Bancomer’s $750 Million Notes Offering


Sullivan & Cromwell, Galicia Abogados, White & Case and Ritch, Mueller, Heather y Nicolau advised on the transaction

Leading Mexican financial institution BBVA México executed its $750 million 5.875% fixed reset subordinated preferred tier 2 capital notes due 2034.

The issuer is the largest financial institution in Mexico and a fully owned subsidiary of Spanish global financial services group BBVA. The issuance was the inaugural offering under the bank’s US$10 billion MTN program.

The dealers included BBVA Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.

Sullivan & Cromwell advised BBVA Bancomer, S.A. with Sergio J. Galvis (Picture), Cathy Clarkin, Benjamin Fleming and Ekaterina Roze.

In Mexico, Galicia advised BBVA Bancomer, S.A. with Guillermo Pérez Santiago, Federico Scheffler K., María de los Ángeles Padilla Zubiría, Lorena Kiehnle and Sebastián Ayza.

White & Case advised the dealer managers with a team including Taisa Markus, John Vetterli, Rafael Roberti and Stephanie Monroe Rohlfs. Partner Ray Simon provided tax support together with associate Jake Jung (all in New York).

In Mexico, Ritch, Mueller, Heather y Nicolau advised the dealers with Pablo Perezalonso Eguía, Eric Silberstein and Mariana Padilla Reachi.

Involved fees earner: María de los Ángeles Padilla Zubiría – Galicia Abogados, S.C; Lorena Kiehnle B. – Galicia Abogados, S.C; Guillermo Pérez Santiago – Galicia Abogados, S.C; Federico Scheffler – Galicia Abogados, S.C; Mariana Padilla Reachi – Ritch, Mueller, Heather y Nicolau, SC; Pablo Perezalonso Eguía – Ritch, Mueller, Heather y Nicolau, SC; Eric Silberstein Lerner – Ritch, Mueller, Heather y Nicolau, SC; Catherine M. Clarkin – Sullivan & Cromwell; Benjamin Fleming – Sullivan & Cromwell; Sergio Galvis – Sullivan & Cromwell; Ekaterina Roze – Sullivan & Cromwell; Woong Jae Jung – White & Case; Taisa Markus – White & Case; Stephanie Monroe Rohlfs – White & Case; Rafael Roberti – White & Case; Ray Simon – White & Case; John Vetterli – White & Case;

Law Firms: Galicia Abogados, S.C; Ritch, Mueller, Heather y Nicolau, SC; Sullivan & Cromwell; White & Case;

Clients: BBVA Bancomer; BBVA Securities Inc.; Goldman Sachs & Co.; HSBC Securities; JP Morgan Securities;