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Check FAQAbout Rodrigo
Rodrigo Cruz is a Mexican photojournalist. His work has been published in The New York Times, GEO, Le Monde, The Wall Street Journal, MSNBC, CNN, ESPN, Maclean’s, The Washington Post, Le Temps, VICE, Die Welt, Sonntagszeitung, Calgary Herald, Esquire – Russia, National Geographic en Español, National Geographic Traveler, Enjeux International and México Desconocido. He has collaborated with the NGOs: Mission Mexico, WaterAid, Internet Society, Cherie Blair Foundation for Women, Tlachinollan, Atzin and UNHCR. He was the recipient of a Program of Formation of Photo-Essays 2007-2008 summoned by the National Council for the Culture and Arts, Mexico. His work has been included in the book Laberinto de Miradas, a look in documentary photography in Latin America and the book Descubrimientos 2010 PHotoEspaña, as well as featured in Canon Professional Network, Burn Magazine and La Jornada Newspaper in Mexico. His work has been exhibited in the United States, Mexico, Central and South America.
Portfolio
Arca readies SLB issue in Mexico
Arca Continental, the second largest Coca-Cola bottler in Latin America, plans to issue MXN7.4 billion ($443.2 million) in sustainability-linked bonds (SLBs) in the Mexican market next month. The company aims to price a 2031 note at a fixed rate and a 3.2-year bond at a floating rate, using the proceeds to pay off debt. Arca offers a step-up rate of 0.20% if it fails to reduce its total PET resin use by 50% in favor of recycled PET resin. Fitch and S&P have rated the bonds AAA on their local scales, with BBVA, Citibanamex, and Scotiabank acting as underwriters for the April 8 sale.
Megacable tees up sustainable issue
Mexican cable and internet company Megacable plans to raise up to MXN8 billion ($480 million) through a sustainable bond sale in the local market to finance renewable energy, energy efficiency, and social projects. The company expects to price a 2031 bond at a fixed rate and a three-year bond at a floating rate over the TIIE interbank lending rate. BBVA, Santander, and Scotiabank will act as underwriters, with Santander also serving as the ESG structuring agent. Fitch and HR Ratings have both assigned the issue an AAA rating.
América Móvil readies SLB sale
Mexican telecommunications giant América Móvil is set to raise up to MXN20 billion ($1.1 billion) in its first bond sale of the year, with plans to remain active in both local and international markets throughout 2024. The company will issue 10-year sustainability-linked senior unsecured notes at a fixed rate, using the proceeds to refinance debt and finance 5G network improvements. S&P Global Ratings and Fitch Ratings have rated the bonds A- internationally and AAA locally. América Móvil plans to invest $24 billion between 2022 and 2024.
Cemex, Arca head to local market
Cemex and Arca Continental are planning to raise up to $900 million combined in the Mexican local bond market, with Cemex seeking up to MXN9 billion in a sustainability-linked bond reopening and Arca Continental aiming to place MXN6.05 billion worth of bonds. Both companies are focusing on domestic offerings to refinance debt, contrasting with Bimbo's choice to raise funds in the international market. Cemex's bonds include conditions related to CO2 emissions reduction, and the underwriters for the issuance are BBVA, HSBC, and Scotiabank. Fitch Ratings reported on Arca Continental's bond plans.
IFC mulls additional Central America investments
The International Finance Corporation (IFC), part of the World Bank, plans to increase its investments in Central America, following a $220 million financing package to Guatemala's Banco Industrial. The IFC aims to foster financial inclusion, boost climate investments, and address infrastructure needs in the region. Banco Industrial will allocate around 40% of the funds to climate-related assets and expand its credit portfolio for small and medium-sized businesses. The financing is not strictly tied to sustainability terms.
ProximityParks seeks funds for growth in Mexico, US
Mexican logistical real estate firm ProximityParks plans to seek investment for its second fund next year and expand into the United States. The firm aims to raise between MXN1.8 billion and MXN2 billion for Fund II, which will invest in last-mile logistic assets in Mexico City, Monterrey, and Guadalajara. ProximityParks has already secured MXN3.27 billion for Fund II, attracting family offices from seven countries, Mexico's main pension fund managers, and a US-based global asset manager. The company also plans to raise capital in the US by the end of 2024 to expand into Miami and is exploring investment opportunities in other Mexican states and potentially other Latin American countries. Over the next three to four years, ProximityParks plans to invest around MXN8 billion to expand its portfolio to 9 million square feet. The firm launched its first fund in 2019, raising MXN2.3 billion, and plans to open a third fund between 2026 and 2027.
HSBC foresees Mexican bond contraction after bumper year
Primary issuance in the Mexican corporate bond market is projected to decrease by 20% next year due to electoral uncertainties in Mexico and the US. Yamur Muñoz from HSBC highlights concerns over the US elections, particularly the potential return of Donald Trump. Despite this, Mexican companies are securing financing early, leading to a 25% increase in primary issuance this year. Greater liquidity in the local currency bond market and lower rates are driving companies with high ratings to prefer local debt over international markets. América Móvil is among the major local issuers this year.
Elektra prints SLBs
Mexican retail and consumer lending firm Grupo Elektra issued MXN2.5 billion ($143 million) in sustainability-linked bonds (SLBs) in the local market, falling short of its initial MXN4 billion target. The issuance included six-year fixed-rate bonds priced at 11.97% and three-year notes at the TIIE interbank lending rate plus 1.5%. The bonds will feature a step-up rate if Elektra fails to certify at least 50 of its stores with the EDGE certification by December 2025. Actinver, Punto Casa de Bolsa, and Intercam served as underwriters for the sale.
Axtel lands first IFC loan
Mexican telecommunications company Axtel secured a $60 million sustainability-linked loan from the International Finance Corporation (IFC) to fund investments and extend its debt maturity profile. The seven-year loan, tied to environmental and social commitments, will finance the deployment of Axtel's fiber optic network to telecommunications towers and data centers. Juan Gonzalo, IFC's country manager, highlighted the importance of reliable digital connectivity for industries benefiting from nearshoring, which could generate significant annual exports for Mexico. This marks Axtel's first loan from IFC, the private sector funding arm of the World Bank.
Fibra Uno prints SLBs
Mexican real-estate investment trust Fibra Uno raised MXN1.5 billion ($86 million) in sustainability-linked bonds (SLBs) in the local market, pricing a three-year bond at the TIIE interbank lending rate plus 0.95%, with an all-in rate of 12.45% for the first payment period. The bond includes a step-up rate of 10 basis points if sustainability targets are not met. Actinver served as the underwriter, and MexCap Partners acted as financial advisor and structuring agent. Fitch and HR rated the bonds AAA on the local scale, and the sale is part of a MXN60 billion bond program.
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