Hogan Lovells wins Debt and Equity-Linked Deal of the Year Award from IFLR Americas
New York, 29 May 2019 – Hogan Lovells is pleased to announce that the firm received the “Debt and Equity-Linked Deal of the Year” award from the International Financial Law Review (IFLR) for the restructuring of US$6 billion bonds issued by the Mexico City Airport Trust (MexCAT) it advised on in 2018. The award was announced at IFLR’s Americas Awards ceremony on 16 May.
The MexCAT bond issue is one of the largest Latin American structured finance bond issuances ever done. Shortly after President Andrés Manuel López Obrador’s inauguration in December 2018, the Mexican government announced that it would fulfill his campaign promise by cancelling the construction of a long-planned new airport in Mexico City. However, the previous Mexican government had sold US$6 billion of up to 30-year bonds to finance the project, secured by the fees that passengers pay when flying into the existing airport and would pay in a greater amount upon completion of the new airport.
The unique circumstances of this matter – the abrupt change of course from one administration to another – created a major challenge for our team. We were able to advise our clients effectively and achieve an improved outcome in the face of significant Mexican media interest and a charged political atmosphere.
Hogan Lovells partners Ronald Silverman (New York) and Federico De Noriega (Mexico City) led the team that advised the ad hoc group of bond holders. The full list of IFLR award winners can be found here.
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