Bernardo Reyes

GC assists NRFM in new bond programme

Gonzalez Calvillo has assisted NR Finance Mexico (NRFM) in the establishment and approval by the Comisión Nacional Bancaria y de Valores (CNBV) of its new dual programme of issuance of up to MXP$13,000 million of bonds (certificados bursátiles) to be listed on the Mexican Stock Exchange (NRF).

Nissan Motor Acceptance Company (NMAC) acted as guarantor of NRFM; BBVA and Scotiabank acted as placement intermediaries; and CIBanco acted as common representative of the holders. Mayer Brown acted as US counsel to NMAC.

The issuance of the short-term notes under the programme is rated “F1+(mex)” by Fitch Ratings and “ML” by Moody’s.

This transaction, initiated in December 2021 and closed on 30 June, represented the return to the Mexican stock markets of another non-bank financial institution (NBFI), and the return of NRFM to the BMV after 4 years since its last offering of long-term certificados bursátiles (NRF 19).

The programme has a 100% guarantee from NMAC, granted under the laws of the State of New York, in the United States of America, which required the submission of audited financial information from NMAC and the participation of its external auditor in the United States of America, which represented different challenges in terms of timing and alignment of requirements from different jurisdictions and participants of the operation.

NR Finance Mexico is an automotive finance company in Mexico for the Nissan, Renault, Infiniti and Mitsubishi Motors brands.

GC’s team consisted of partner Bernardo Reyes Retana (pictured), associates Francisco J. Alvarez, Diego Hernández and Fernando Blanco, and trainees Héctor Ferrari and Erika Botas.

L Giselle Estrada