About

Number of years practice:
12

Principal practice areas:
Capital markets

Bar admissions:
New York

Languages spoken:
English, Spanish

Outside of Grissel Mercado’s capital markets work, she is involved with Abogadas MX, an organization dedicated to the professional advancement of female lawyers in Mexico; WISER (Women’s Initiative for Success, Excellence and Retention); and Cafecito, an informal network of Latina lawyers in New York City. Mercado has also regularly taken on pro bono assignments for New York Family Court and similar establishments.

Over the past year, Mercado has been involved with clients across the financial institutions, food and agriculture and air transportation industries, including advising banks Citi, Goldman Sachs, HSBC, J.P. Morgan, Bank of America, Credit Agricole and Mizuho in connection with a debt refinancing plan for Petróleos Mexicanos (Pemex), Mexico’s state-owned oil company, as well as advising Volaris on its 20-F filings with the SEC and other ongoing corporate governance work.

What differentiates your Mexico-facing practice from those of your US competitors and peers?
Having worked in Mexico for my entire career, I advise a diverse client base. There are few other lawyers who have worked with the number of both issuers and underwriters for as long, including, among others, Volaris, Industrias Bachoco, Grupo Coppel, Pemex, Nafin, Bancomext, Santander Mexico, Vista and BBVA. I have also advised on various matters that have been awarded deals of the year recognitions, such as Pemex’s ongoing debt transactions and Actis’ acquisition of InterGen’s Mexican assets.

What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?
The only true disadvantage is the distance, but we overcome that with strong use of technology and proactive trips to Mexico. Along with specific deal travel, I try to visit five to six times a year, regularly meeting with clients, local counsel and others to maintain and continue developing relationships. Even without a physical presence in the country, we know the market exceedingly well and can complement this with our knowledge of and involvement in the New York financial market.

What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?
The political shifts in Mexico are spilling into the capital markets, leading investors to be hesitant, specifically in the energy and infrastructure sectors. It is unclear what level of support and management the public sector will receive, so the market will be waiting for a clearer message from the government. However, the recently announced Pemex liability management transaction, along with the capital contribution made by UMS to Pemex, did remarkably well, showing the continued appetite investors have for Mexican issuers.

Additionally, we will have to watch for the effects of the potential US recession as the two economies are, of course, inextricably linked.

What influence will legal technology have on US/Mexico working practices in the future?
Legal technology will allow us to continue enhancing efficiencies and speed with clients. Additionally, it will help to cut costs and be more efficient in areas such as legal and business due diligence.

What is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?
Our experience when working with in-house counsel, they expect: Availability and responsiveness at all times; Superior service; Specific expertise; A drive for diversity, particularly with women.

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