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SERVICES
Capital Markets
Capital markets advisory in Mexico encompasses the structuring and placement of investment vehicles for institutional investors, including Special Purpose Vehicles, asset-backed securities, and Real Estate Investment Trusts. Cuntur Capital provides full-service advisory across all stages of these transactions, from initial structuring through regulatory compliance and market execution.
Our Capital Markets practice offers a comprehensive range of services, including the structuring of (i) Special Purpose Vehicles (CerPIs and CKDs) aimed to Mexican institutional investors, (ii) asset backed securities, and (iii) Mexican REITs. We also assist with debt and equity issuances processes in the Mexican market.
At Cuntur Capital, we take a client-centric approach, deeply understanding the unique operational, financial, and regulatory requirements of our clients. This enables us to create customized investment vehicles that not only align with their investment strategies but also ensure full compliance with the complex regulatory environment in Mexico. Our execution is agile and seamless, adhering to the highest standards of quality and professionalism throughout the process.
Frequently Asked Questions
¿What is a CKD and how does it differ from a CerPI?
A CKD (Certificado de Capital de Desarrollo) is a publicly listed Mexican vehicle traded on the BMV used to invest in private equity, infrastructure, and real estate projects in Mexico. A CerPI (Certificado de Proyectos de Inversión) is a privately placed vehicle with more flexible structures, primarily used to invest in global alternative investment funds. Both are primarily purchased by AFOREs.
¿What is a FIBRA and who invests in them in Mexico?
A FIBRA (Fideicomiso de Inversión en Bienes Raíces) is Mexico's equivalent of a Real Estate Investment Trust (REIT). FIBRAs are publicly listed on the BMV, distribute at least 95% of taxable income to investors, and are primarily held by AFOREs, insurance companies, and retail investors in Mexico.
¿What is the process for structuring an asset-backed security in Mexico?
Structuring an asset-backed security in Mexico involves selecting a trustee and structuring advisor, obtaining a credit rating from an authorized agency (Fitch, Moody's, HR Ratings, or Verum), registering the security with the CNBV, and placing it with institutional investors through the BMV or via private placement.
¿What regulatory framework governs capital markets transactions in Mexico?
Capital markets transactions in Mexico are regulated primarily by the CNBV (Comisión Nacional Bancaria y de Valores) and the BMV (Bolsa Mexicana de Valores). Transactions involving AFOREs are additionally subject to CONSAR regulations governing eligible investment vehicles and limits.
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