Banco del Bajío (BanBajío) placed MXN 7,500 million (USD 417 million) in long-term bank notes (certificados bursátiles bancarios) on the Bolsa Mexicana de Valores. They are the first and second issues under its program of up to MXN 15,000 million (USD 834 million). The book closed on October 7 and settlement is on October 9, 2026.
The terms
- BBAJIO 26: MXN 5,617 million (USD 312 million) over 3 years, maturing October 5, 2029, at TIIE de Fondeo plus 49 basis points.
- BBAJIO 26-2: MXN 1,883 million (USD 105 million) over 5 years, maturing October 3, 2031, at TIIE de Fondeo plus 60 basis points.
- Upsizing: the primary book allocated MXN 3,750 million (USD 209 million) and the bank exercised its 100% over-allotment option on both series. In August, the deal had been announced for up to MXN 5,000 million (USD 278 million).
- Interest: every 28 days; the first payment is on November 6, 2026.
- Ratings: AAA.mx from Moody’s Local México and HR AAA from HR Ratings.
- Underwriter: Casa de Bolsa Santander. Common representative: Banco Multiva.
At the end of June 2026, BanBajío’s total loan book stood at MXN 296,354 million (USD 16,484 million), up 11.8% year on year. The bank specializes in corporate, agribusiness and SME lending.
Why it matters
In a single week the market set two benchmarks for peso funding. Nafin, backed by the federal government, paid TIIE de Fondeo plus 23 basis points over 3.3 years. BanBajío, a AAA-rated commercial bank, paid 49 basis points over 3 years and 60 over 5 years. The gap shows what the market charges for private bank risk and for tenor.
For the bank, more long-term funding expands its capacity to lend to companies over longer tenors. For a mid-sized company or a developer, these spreads are where the negotiation starts: a bank loan adds the bank’s margin and the project’s risk on top of the bank’s own funding cost.
What to review
- Whether your loan is priced off TIIE de Fondeo, and how far your spread sits from what your bank pays in the market.
- Whether your bank can now offer longer tenors, backed by five-year funding, to match the debt to your project’s cash flow.
- Whether your company has the size and the information to issue its own debt on the BMV.
At Borax Capital we negotiate funding with banks, development banks and funds, and structure debt placements so companies reach the market with the documentation investors require.
US dollar amounts converted at Banco de México’s FIX rate of October 7, 2026 (MXN 17.9780 per USD). Sources: public offering notices for BBAJIO 26 and BBAJIO 26-2, Bolsa Mexicana de Valores, October 7, 2026; El Cronista, August 19, 2026. Information from public sources; the mention does not imply any commercial relationship. This content is for information only and is not investment advice or an offer of securities.
This content is for informational purposes only and does not constitute investment advice or an offer of securities.
