Client or Matter Name

NR Finance México (automobile finance leader entity in Mexico for the brands Nissan, Renault, Infiniti and Mitsubishi Motors) in CNBV’s authorization of a new dual program of certificados bursátiles for up to MXP$13 billion in the Mexican Stock Exchange (NRF).

Deal Description

Acted as independent counsel to NR Finance México, S.A. de C.V. (“NRFM”) in the establishment and authorization by the National Banking and Securities Commission of Mexico (CNBV) of a new dual program of certificados bursátiles for up to MXP$13 billion in the Mexican Stock Exchange (NRF).

Nissan Motor Acceptance Company LLC (NMAC) acted as guarantor of NRFM; BBVA and Scotiabank as underwriters, and CIBanco as common representative of the bond holders.

The issuances of short term certificados bursátiles to be made under the program have a credit rating of “F1+(mex)” grated by Fitch Ratings, and “ML A-1.mx” by Moody’s.

This transaction represented the come back to the securities market in Mexico of another non-banking financial institution (IFNB, for its acronym in Spanish), and the return of NRFM to the BMV after 4 years of its last offering of long term certificados bursátiles (NRF 19).

Innovation & Additional Comments 

The program has a 100% guarantee from NMAC, granted under the law of the State of New York, USA. Therefore, it was required to present audited financial information from NMAC and the participation of its external auditor in the USA, which represented different challenges in timing and alignment from different jurisdictions and participants in the transaction.

Likewise, reiterate that his transaction represented the come back to the securities market in Mexico of another non-banking financial institution (IFNB, for its acronym in Spanish), and the return of NRFM to the BMV after 4 years of its last offering of long term certificados bursátiles (NRF 19).

Governing Law

Mexico and the State of New York, USA

Deal Value

Program: MXP$13 billion

Deal Duration, Date of Closing / Signing

Kick-Off: December, 2021

Closing: June 30, 2023

Team GC

  • Bernardo Reyes Retana K. – Partner
  • Francisco J. Alvarez C. – Associate
  • Diego Hernández A. – Associate
  • Fernando Blanco G. – Associate
  • Héctor Ferrari R. – Law Clerk
  • Erika Botas V. – Law Clerk

Other firms involved

  • Mayer Brown, LLP, as counsel to NMAC in the USA.