Juan Naveira and Manuel Silva

Simpson Thacher and Cleary on offer for $1bn from BBVA

Simpson Thacher has advised BBVA Mexico, acting through its Texas Agency, in connection with the update of its USD $10,000 Medium Term Note Programme.

In addition, the firm also advised on the offering of $1,000 million Tier 2 Senior Subordinated Notes, with coupon of 8.450% and maturity in 2038 thereunder.

BBVA Securities, Credit Agricole Securities (USA), Goldman Sachs & Co. and J.P. Morgan Securities acted as dealers in the offering of the Notes, jointly advised by Cleary Gottlieb in the US and Ritch Mueller in Mexico.

The offering was priced on 22 June 2023 and settled on 29 June 2023. The Notes were offered for sale in the United States pursuant to exemptions from registration with the Securities and Exchange Commission under Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended.

BBVA Mexico is the principal subsidiary of Grupo Financiero BBVA Mexico, a holding company authorised to incorporate and operate as a subsidiary financial group of BBVA Spain. BBVA Mexico is one of the leading multiple purpose banks incorporated under Mexican law and is present in all 32 Mexican states.

Simpson Thacher’s team included Juan M. Naveira (pictured left), Kirsten L. Davis, Jon Vicuña and Hernán Alal (Latin America – Capital Markets); and Jonathan Cantor and Edward Grais (Tax).

Ritch Mueller’s team comprised partners Eric Silberstein and Pablo Perezalonso, along with associates Ernesto Talamás and Juan Carlos Pérez Rocha.

Cleary’s corporate team included partner Manuel Silva (pictured right) and associates Stephanie Monroe Rohlfs and Alejandro Martinez-Inzunza. Counsel Matt Brigham and associates Adrian Lee and Kathy Zhang advised on US tax matters. All lawyers are based in New York.

L Giselle Estrada