BBVA México acts as Joint Bookrunner in a placement of Notes for TIP México

We are pleased to announce the successful placement of Notes for TIP Mexico with a rating of AAA(mex) from Fitch Ratings, HR AAA (E) from HR Ratings and Aaa.mx (sf) from Moody’s, for a  total of MXN4 billion pesos.

The transaction was carried out in a combination of formats:

• TIPMXCB 23: MXN2 billion at a spread of 305 basis points over the MBono 2026-2027
• TIPMXCB 23-2: MXN2 billion at a floating rate, pegged to the TIIE plus 250 basis points, at 5 years

BBVA México acted as Joint Bookrunner in the deal, which saw outstanding demand (a bid to cover ratio of 1.72 times, or approximately MXN4.29 billion), and was placed across a diversified base of investors, particularly Afores, development banks, decentralized government agencies, brokerage firms, money desks, mutual funds and insurance companies, as well as private bankers and independent advisors.

TIP is Mexico’s largest supplier of trailer leasing and maintenance services, operating through two main business lines: TIP México and TIP Auto.  As of March 2023, the value of its consolidated portfolio totaled more than MXN9.18 billion.

• TIP México has the largest fleet and in the trailer leasing market, with a share of more than 33% and 12,007 leasable units as of March 2023, and a portfolio of MXN5.42 billion as of the same date.
• TIP Auto reported a portfolio of MXN3.76 billion and 13,115 vehicles as of December 2022.

We are grateful to TIP México for trusting us as Joint Bookrunner for this successful deal, and we reiterate our commitment to the group to continue participating in its growth plans, which contribute to the development of transportation in Mexico.