Curtis Advises on US$12.5 Billion Sovereign-Guaranteed Financing for Mexico's Energy Sector

Curtis served as New York and Mexican counsel to the Borrower—a Mexican trust administered by Banco Nacional de Comercio Exterior (Bancomext) as trustee—in connection with a US$12.5 billion (MXN$257.5 billion), multi-tranche, multi-currency credit facility governed by New York law and guaranteed by the United Mexican States.

The landmark transaction, which closed on December 17, 2025, is one of the largest syndicated financings in Mexican history. It features an innovative financial vehicle structured by Mexico's development banks in coordination with the Secretaría de Hacienda y Crédito Público to support critical energy sector investment projects and ensure timely payments to suppliers and service providers.

Banco Nacional de Obras y Servicios Públicos (Banobras) acted as Structuring Agent, with BBVA México and Banco Santander México serving as Joint Lead Arrangers and Joint Bookrunners. The financing brings together Mexico's three development banks—Banobras, Nacional Financiera (Nafin), and Bancomext—alongside a syndicate of leading commercial institutions including Banorte, Santander Mexico, Scotiabank, and HSBC México.

The Curtis team was led by partner Rodrigo Valverde and assisted by associate Andrés Hernández in Mexico City, and partner Valarie Hing and senior associate Pablo Calderón in New York.