About

Number of years practice: 37 Law school attended: Fordham University School of Law Languages spoken: English Principal practice areas: Banking, Capital Markets, Corporate Finance, M&A Admissions: New York

Known as “Mr. Mexico” due to his lengthy track record counseling on major transactions in the country, Mike Fitzgerald is probably the New York lawyer best known in Mexico due to his long-standing commitment and dedication to transactions involving Mexican companies. He has practiced corporate finance in Mexico and elsewhere in Latin America since the early stages of his career, securing a first-mover advantage in some of the region’s most lucrative markets. His subsequent activity includes the representation of a wide range of international and domestic underwriter and issuer clients in debt and equity financing transactions, as well as M&A transactions and restructurings. Fitzgerald is particularly well-known for his instrumental role in the legal overhaul behind Mexico’s mortgage FIBRA, a novel investment vehicle akin to a real estate investment trust (REIT), and an asset class that has irreversibly transformed the Mexican real estate market. He represented the initial purchasers and structuring agents of FIBRA Uno, the first successful REIT in Latin America, which raised more than $700m from primarily US and European investors. He has also been involved in all of FIBRA Uno’s subsequent financings, including the first bond offering and the first syndicated loan by a FIBRA. These landmark, multi-billion dollar equity and debt offerings have been some of the most successful Mexican transactions in recent memory. Fitzgerald has worked on the vast majority of the international FIBRA offerings to date, including launching the first lodging FIBRA, the first sector specific FIBRA, and the first shopping mall sector FIBRA. In 2013, he began his work on FHIPO Hipotecaria, an IPO which launched a $633m mortgage REIT. The deal launched a novel asset pool, comprised largely of residential mortgages originated by the Mexican government (rather than real estate assets such as hotels or shopping malls), and introduced a new set of legal, tax, regulatory, diligence and underwriting challenges that had not been encountered in earlier non-mortgage FIBRAs. In addition to these FIBRA offerings, Fitzgerald has been involved in countless other transactions in Mexico, including leading the representation of the global coordinators and initial purchasers in a dual-tranche $2bn bond offering that was integral to the financing of the new Mexico City International Airport. This was reported to be the largest bond financing for an airport and the largest green bond offering out of Latin America. Most recently he acted as underwriters’ counsel on the initial public offering of José Cuervo. The $900m IPO was one of the most prominent and sizeable in Mexico in recent years. Fitzgerald is also one of the founding members of the VANCE Center, a leading Latin America-focused pro bono institution. Is there a key economic factor or trend you regard as likely to impact the Mexican legal sector over the next 18 months? Politics is probably the key trend that will impact the Mexican legal sector over the next 18 months. Within 18 months of the Trump election there will be an election for a new President in Mexico. Many Mexican companies will actively seek to obtain as much capital and liquidity as possible to fortify their balance sheets so that they are prepared for any eventuality in the current economic and political environment. What are your predictions for change in the US-Mexico relationship? There will likely be some short period of time where both countries will determine their trade positions, however, both countries’ manufacturing industries are so closely coordinated that a long term solution will ensure mutual economic success. Are there any aspects of the Mexican legal market that you would like to see change? The Mexican legal market has become more aligned with the US market in recent years. For instance, the Mexican bankruptcy code has been revised twice in recent years to bring it more in line with the US model. The rule of law needs to be strengthened, however, so that judges cannot prevent the modernization of the legal framework. Are there any sectors you regard as likely growth areas for the Mexican market over the next five years? The Mexican energy sector, where Mexico has historically been one of the major players in the western hemisphere, should assume a role of increasing importance. Also, the continued development of a robust middle class in Mexico should provide the framework for a consumer driven economy similar to that of the United States. As a result, growth in the manufacturing, healthcare and banking sectors should be expected.