Fibra Uno, the largest real estate trust in Mexico, returned to the BMV in September to reopen its green bond due 2036, a month after a MXN 7,500 million placement that drew about 2.5 times the amount offered.
Key terms
- Issuer: Fibra Uno (FUNO), through its trust F/1401
- Exchange: BMV
- Dates: Original placement in August 2026; reopening on September 18, 2026
- August placement: MXN 7,500 million: FUNO 26V, MXN 3,200 million at TIIE + 85 bp due 2029; FUNO 26-2V, MXN 4,300 million at fixed 10.81% due 2036. Demand of about 2.5 times
- Reopening: MXN 1,500 million of FUNO 26-2V, taking the series to MXN 5,800 million
- Ratings: HR AAA; AAA(mex) Fitch
- Label: Green
- Use of proceeds: Refinancing of eligible green projects and debt
Our take
Reopening an existing series lets an issuer add size at a known price with lower execution costs, and gives investors a more liquid bond. The appetite for a 10-year fixed-rate green tranche shows that local institutional investors are willing to lock in duration with high-quality issuers.
Sources: BMV, aviso de colocación; Inmobiliare.
Congratulations to FUNO and to everyone who made this placement possible.
Information from public sources. The mention does not imply Borax Capital’s participation in the transaction.
This content is for informational purposes only and does not constitute investment advice or an offer of securities.
