MercadoLibre's fintech arm seeks MXN 5 billion in Mexico

Mercado Pago, the financial arm of MercadoLibre, is seeking up to MXN 5,000 million in its debut debt offering on the Mexican market. The company chose the Bolsa Institucional de Valores (BIVA) for the transaction, according to public offering documents.

Through its non-bank lender Mercado Lending, the unit plans to place up to 50 million long-term certificates with an initial price of 100 Mexican pesos each. The issuance is divided into two tranches: a three-year floating-rate note dubbed 'MELIMX 26' tied to the TIIE benchmark, and a five-year fixed-rate bond dubbed 'MELIMX 26-2' pegged to Mexican sovereign debt maturing in 2031.

The public offer opened on September 24 and closes on September 25, 2026. The bonds will officially register on BIVA, led by María Ariza, on September 29. The notes received a rating of 'AAA(mex)' from Fitch Ratings and 'HR AAA' from HR Ratings. The placement is part of a larger five-year debt program for up to MXN 30,000 million to expand its credit portfolio.

Parent company MercadoLibre backed the issuance via a credit support agreement signed in August. Mercado Lending manages a loan portfolio of MXN 58,000 million that is expanding at an annual rate of 50%, with an adjusted delinquency rate of 31% and a 32% cost of risk, according to investment firm Dolomiti Capital.