BBVA México’s $1 Billion Offering

Cleary Gottlieb is representing the dealers, Barclays, BBVA, Citi, and J.P. Morgan, in a $1 billion offering by BBVA México of 8.35% fixed reset subordinated preferred tier 2 capital notes due 2042.

The offering priced on September 29, 2026 and is expected to settle on October 6, 2026. The notes were offered for sale in the United States pursuant to Rule 144A and abroad pursuant to Regulation S, under BBVA Mexico’s medium term note program.

BBVA México is the largest financial institution in Mexico in terms of total assets, loans and deposits. It is the only Grade IV domestic systemically important bank in Mexico and one of the largest banks in Latin America.

The Cleary corporate team included partner Manuel Silva and international lawyer Matias Chaves.