White & Case Advises Cetelem on Two Mexican Pesos Denominated Issuances of Certificados Bursátiles

Global law firm White & Case LLP has advised Cetelem, S.A. de C.V., SOFOM, E.R., (Cetelem), on two series of Mexican pesos-denominated issuances of debt securities in the form of CBs (certificados bursátiles), publicly offered on the Mexican securities market and issued under its locally registered CB program for a total amount of MXN 2 billion (approximately US$100 million). 

The issuance included a guarantee granted by Cetelem’s parent company, BNP Paribas, S.A., in benefit of the holders of the CBs. The issuance included (i) a reopening for an additional amount of MXN 1.2 billion (approximately US$60 million), resulting in an aggregate amount of MXN 3.1 billion (approximately US$155 million), considering the amount originally offered, at a fixed interest rate of 9.38 percent due in March 2026 (CETELEM 22) and (ii) an issuance for an amount of MXN 774 million (approximately US$38 million), at a floating interest rate (TIIE, the Interbank Offering Rate in Mexico) plus a margin of 0.16 percent, due in June 2025 (CETELEM 22-2). 

The CBs were placed via a local public placement on the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV), and registered on the National Securities Registry managed by the Mexican National Banking and Securities Commission. 

Cetelem will use the proceeds from the issuance for general corporate matters, in particular granting loans to its clients. 

Established in September 2004, Cetelem is a Mexican financial institution specializing in consumer credit and financial services within the automotive industry. Cetelem is a wholly owned subsidiary of, and the commercial financing brand for, BNP Paribas, a European leader in banking and financial services. 

The White & Case team was led by partner Manuel Groenewold, counsel Eric Quiles and included associates Simon Micha and Viridiana Alanis (all in Mexico City).

White & Case has advised Cetelem on all of its securities offerings performed in Mexico since 2014.

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