BBVA, joint bookrunner in sustainability-linked notes – BBVA CIB

We are pleased to announce the placement of an issuance of a Sustainability-Linked Bond (“SLB”) by Grupo Aeroportuario del Pacífico (GAP) with ticker GAP 22L, which received a rating of mxAAA (S&P) / Aaa.mx (Moody’s), totaling MXN 2,758 millions in a floating format at 4 years and floating rate of 26 bp above the TIIE.

BBVA participated as Joint Bookrunner for the deal, in which demand totaled about MXN 3,124mn, a bid-to-cover ratio of 1.13 times. The notes were 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 banks and independent advisors.

The terms of the notes are linked to sustainability indicators, in this case to the absolute reduction in GAP’s scope 1 and 2 GHG emissions in its 14 airports in Mexico and Jamaica, targeting a 25% reduction by 2025 against the baseline year of 2019.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) is a private airport service operator which since 1998 has held a 50-year concession to operate twelve airports throughout Mexico’s Pacific region, including main cities like Guadalajara and Tijuana, four tourist destinations in Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and other six mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis.

We are grateful to GAP for the trust shown in selecting us as Joint Bookrunner for this placement and we reiterate our commitment to continuing to work alongside this group to support its growth plans toward the development of air transport in Mexico and elsewhere.