GC acted as counsel to HIR Casa

Gonzalez Calvillo, June 29th, 2023 .- We acted as independent counsel to HIR Casa (Bienes Programados) in the establishment and authorization by the National Banking and Securities Commission of Mexico (CNBV) of a new securitization program of mortgage credits for up to MXP$4 billion, as well as in the first issuance of certificados bursátiles fiduciarios under such program in the Mexican Stock Exchange (HIRCB 23) for MXP$1.5 billion.

Banco Invex acted as issuing trustee, BBVA and Santander as underwriters, and CI Banco as common representative of the bond holders.

The issuance with a credit rating of AAA grated by Fitch Ratings and HR Ratings, and with a demand of 1.74x of the initial target amount.

This transaction represented the come back to the securities market in Mexico of a non-banking financial institution (IFNB, for its acronym in Spanish) after the prior complications of certain entities in such sector and demonstrated the trust of the investors and strength of HIR Casa.

Likewise, with the proceeds of the offer HIR Casa prepaid two facilities designed for the origination of loan from HIR Casa and a further securitization: one syndicated loan in which BBVA Mexico acted as creditor and agent, as well as one secured loan also with BBVA Mexico, which implied a quite complex mechanic for the allocation of proceeds, and obtaining confirmations of multiple creditors (mostly due to the syndicated loan) at closing of this transaction

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For over 35 years, Gonzalez Calvillo has been at the forefront of the legal market in Mexico as a full-service leading law firm due to its transactional core and expertise in a wide range of practice areas. The firm is recognized for its ability to build cross-disciplinary teams for the most complex legal challenges and long track record of successfully providing groundbreaking business and regulatory advice to high profile domestic and international companies. Often described as a pioneer of the Mexican legal services industry, the firm is known for its commitment to doing things differently, bespoke solutions, and creating transformational legal changes that enable clients achieving their objectives. For more information, please visit

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