Banca Mifel in $300 Million Inaugural AT1 Notes Offering

Cleary Gottlieb represented Banca Mifel S.A., Institución de Banca Múltiple, Grupo Financiero Mifel (Mifel) in a Rule 144A/Reg S offering of its $300 million 9.25% perpetual five-year callable subordinated non-preferred non-cumulative Tier 1 capital notes.

The transaction marks Mifel’s inaugural issuance of Tier 1 capital notes in the international capital markets.

Mifel intends to use the proceeds from the offering for general corporate purposes.

The offering priced on May 7, 2026, and closed on May 14, 2026.

BofA Securities Inc., Barclays Capital Inc., and Goldman Sachs & Co. LLC acted as global coordinators and joint bookrunners.

Mifel is a Mexican multiple services bank offering a range of retail and corporate banking services. It is one of the few remaining banks in Mexico that is not a subsidiary or branch of a non-Mexican financial institution.

The Cleary team included partner Manuel Silva, associates José Juan Vazquez Orendain and Cosmo Albrecht, and international lawyer Matias Chaves. Partner Matthew Brigham, associate Julia Huang, and law clerk Jiyoung Kim advised on U.S. tax matters. Partner Samuel Chang and associate Ana Carolina Maloney advised on U.S. regulatory matters.