Linklaters has advised BofA Securities, Goldman Sachs International and Morgan Stanley, as joint bookrunners, on FEMSA’s offering of €500 million senior unsecured bonds exchangeable into shares of Heineken Holding N.V, in one of the largest equity-linked transactions so far in 2023.

Barclays Bank PLC acted as sole financial adviser to FEMSA on the exchangeable offering and the concurrent equity offering.

The Linklaters team advising on the transaction was led by capital markets partner Ben Dulieu and consultant Keith Thomson alongside managing associate Jessica Andrew and associate Liam Jenkins (all based in London). They were assisted by Alberto García Linera, who is based in Mexico City to advise on Mexico-related cross-border transactions and leads Linklaters Mexico Group, as part of Linklaters’ LatAm strategy.

Linklaters is acknowledged as the leading law firm in the equity-linked market with an extensive track record in advising underwriters and issuers in relation to the most innovative transactions. Linklaters works on many of the leading deals in the market, including a high number of secured and mandatory deals, the complexity of which plays to the firm’s strengths (Chambers Global 2023, Global: Multi-Jurisdictional: Band 1 in Capital Markets: Equity and Debt).

This landmark transaction follows Linklaters advice on other relevant European capital markets and financing transactions related to some of the largest Mexican companies. Among others, the firm recently advised, in relation to América Móvil, on the establishment of its €2bn ECP program, the issue of exchangeable bonds into KPN shares, liability management exercises, and other financing arrangements; in relation to Orbia Advance Corporation, on the establishment of its £300 million UK commercial paper program and its first ECP program for up to €750 million, and other financing arrangements; and in relation to Petróleos Mexicanos (PEMEX) on its debut issuance of €100m Registered Bonds (Namensschuldverschreibung) in Germany.