Banorte $1.35 Billion AT1 Notes Offering

Cleary Gottlieb represented the initial purchasers, including Barclays, Goldman Sachs, J.P. Morgan and Morgan Stanley, in a $1.35 billion Additional Tier 1 (AT1) capital notes offering by Banco Mercantil del Norte S.A., Institución de Banca Múltiple, Grupo Financiero Banorte (Banorte). The transaction priced on June 16, 2026 and closed on June 24, 2026. It comprised an offering of $600 million 8% perpetual 6.5‑year callable subordinated non‑preferred non‑cumulative Tier 1 capital notes and $750 million 8.45% perpetual 10‑year callable subordinated non‑preferred non‑cumulative Tier 1 capital notes. Banorte is the largest independent Mexican‑controlled bank in terms of total assets and deposits and the third largest in terms of stockholders’ equity. The bank provides a wide range of financial and related services mainly in Mexico, principally in commercial and retail banking, savings, and investment services. Cleary Gottlieb represented the initial purchasers, including Barclays, Goldman Sachs, J.P. Morgan and Morgan Stanley, with a team composed by: partners Jorge Juantorena and Jonathan Mendes de Oliveira; associates Martin Sasson and Jose Juan Vazquez Orendain; international lawyer Victor Bravo; partner Matthew Brigham and associate Mingyu Tang, who advised on tax matters, with assistance from law clerk Seth Stancroff; and associates Catherine Johnson and Alexi Stocker, who advised on sanction‑related matters.

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Banorte $1.35 Billion AT1 Notes Offering

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Banorte $1.35 Billion AT1 Notes Offering

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