Cleary Gottlieb represented BBVA Bancomer in its Regulation S/Rule 144A offering of $1 billion 6.75% Fixed Rate Cumulative Subordinated Preferred Notes Due 2022, which qualify as Tier 2 capital under Mexican banking regulations. The offering will allow BBVA Bancomer to consolidate and further strengthen its liquidity and capital position. Banco Bilbao Vizcaya Argentaria, Goldman Sachs and Merrill Lynch acted as initial purchasers of the offering. The transaction closed on July 19.
BBVA Bancomer is Mexico’s largest bank in terms of total assets, loans and deposits.
