Multiva’s $300 Million AT1 Notes Offering

Cleary Gottlieb represented Barclays, Goldman Sachs, and Jefferies, as initial purchasers, in a $300 million AT1 capital notes offering by Banco Multiva S.A., Institución de Banca Múltiple, Grupo Financiero Multiva (Multiva).

The transaction consisted of an offering of $300 million 11% perpetual five-year callable subordinated non-preferred non-cumulative Tier 1 capital notes. The transaction priced on August 3, 2026, and closed on August 10, 2026.

Multiva is a highly specialized Mexican commercial bank and the principal subsidiary of Grupo Financiero Multiva, a diversified financial group with operations in banking, brokerage, asset management, and fiduciary services. The bank provides a wide range of financial products and services in Mexico, principally in the areas of government banking, infrastructure finance, corporate and agribusiness finance, real estate finance, consumer banking, and global markets, and operates one of the largest fiduciary businesses in Mexico.

The Cleary team included partner Manuel Silva and associates Jose Juan Vazquez Orendain and Cosmo Albrecht. Partner Matthew Brigham advised on tax matters, with support from law clerk Reina Kim. Associate Alexi Stocker advised on sanction matters. Partner Liz Dyer advised on ERISA matters.