17 March 2025
BBVA leads the loan financing market in Latin America in 2024
BBVA Corporate & Investment Banking (CIB) has strengthened its position as a market leader in Latin America with outstanding performance in loan financing. The bank topped the syndicated loan bookrunner rankings, commanding a 16.8% market share. Furthermore, BBVA mobilized $8.5 billion in sustainable financing across Latin America in 2024, marking a 63% increase compared to the previous year.
The syndicated loan market in Latin America experienced a year-on-year growth of 21% in 2024, reaching $36.7 billion across a total of 67 transactions. This represents the highest volume since the pandemic and the third highest in the last 17 years. In this context, BBVA led the market as bookrunner with $6.18 billion, achieving a market share of 16.8% according to LSEG LPC, the world's leading provider of news, data, and analysis on syndicated loan pricing. Countries such as Brazil and Peru stood out, experiencing notable growth of 160% and 200% respectively, driven by operations like those of Petrobras ($5 billion) and Vale ($3 billion) in Brazil. Thus, in 2024, BBVA has consolidated its leadership position in Latin America, with historic results reflecting its commitment to the region and its ability to structure innovative solutions tailored to its clients' needs.
Acquisition financing spurred market activity, accounting for 14% of total transactions with more than $5.2 billion in deals. The oil and gas, utilities, mining, and telecommunications sectors led the way, each capturing significant market shares. Notably, operations by Iberdrola in Mexico and Enel in Peru significantly contributed to this dynamism.
The Project Finance segment also maintained robust performance, with nearly $10 billion in total volume. In addition, according to LSEG data, BBVA emerged as a leader in club deal issuance, executing $20 billion across 55 transactions—the highest volume in 15 years—representing a 78% increase in volume and a 34% rise in the number of deals compared to 2023. This growth reflects BBVA’s expertise in structuring and coordinating complex financings that meet clients’ evolving needs.
BBVA’s dedication to sustainability was evident in 2024, with the bank facilitating 26 sustainable loans in South America, amounting to $8.5 billion—a 63% increase from the previous year.
BBVA Mexico, record figures in financing in 2024
BBVA Mexico reached a financing milestone in 2024, with project financing volumes hitting MXN 39.095 billion ($1.95 billion) across 21 transactions—an annual growth of 100.32% in deployed balances.
In 2024, BBVA Mexico's corporate lending division maintained its leadership in the Mexican syndicated loan market for the ninth consecutive year with 32 operations led as bookrunner from 1 January 2024 to 31 December 2024, with an added operation value of USD 4.6 billion (more than double that of our closest competitor), representing a market share of 29.4%.
Growth has also been driven by two landmark projects in the energy sector. On one hand, the acquisition of Iberdrola's combined cycle plants by the Federal Government ($6.2 billion) and, on the other, the expansion of the pipeline supplying the Yucatán Peninsula ($2.64 billion). These operations, of great complexity and high impact, demonstrate BBVA's ability to execute transformative projects in strategic sectors. Other notable agreements include the refinancing of América Móvil ($2.5 billion), the financing of Orbia ($1.4 billion), and Cinépolis ($1.3 billion).
Additionally, the BBVA team capitalised on growth in sectors such as real estate, driven by post-pandemic demand and nearshoring, maintaining its leadership in infrastructure and energy. The bank holds a market share of over 30% in project finance in Mexico, despite a 15% contraction in the country's volume following the electoral process. For Germán Voss, Managing Director of Corporate Lending at BBVA Mexico, "it is a source of pride to position ourselves as number one for the third consecutive year in Refinitiv's project finance league tables, reaffirming our ability to offer tailored solutions in a constantly evolving market."
The bank's success lies in its more than 25 years of experience in the region and its robust network of subsidiaries in key countries such as Mexico, Peru, Colombia, Argentina, Chile, Uruguay, and a growing presence in Brazil. The entity combines the sophistication of the international market with deep local knowledge to offer tailored solutions and become a strategic financial partner for major companies in South America. All this has led BBVA to receive significant industry recognitions throughout 2024, including Best Investment Bank in Mexico and Peru by Global Finance and Best Investment Bank in Mexico and Colombia as well as Latin America Loan House of the Year and M&A Loan House of the Year by Global Banking & Markets Latin America Awards.
Looking ahead to 2025, Eddy Lacayo, Managing Director of Corporate Lending Latin America at BBVA, remains optimistic about the growth of the loan market in the region and anticipates healthy credit activity in countries such as Peru, Chile, Brazil, and Argentina. "The sustained growth we have observed in the sector is a clear indication of the confidence and economic dynamism of Latin America. With a strategy focused on offering innovative financial solutions tailored to our clients' needs, BBVA is well-positioned to continue leading this market in 2025. We hope to continue supporting projects in key sectors such as infrastructure, renewable energy, and mining, which will not only drive economic development but also contribute to a more sustainable future for all," highlights Eddy Lacayo.