Countries › Mexico › Guide › 10. Capital markets and finance › Capital markets, banking and credit in Mexico: public offerings and private placements, CNBV fees, takeover bids, the SAPI, bank licenses, SOFOMs, fintech, interest withholding and default interest

Capital markets, banking and credit in Mexico: public offerings and private placements, CNBV fees, takeover bids, the SAPI, bank licenses, SOFOMs, fintech, interest withholding and default interest

Last verified: 2026-10-26 · Status: Stable

Securities can be offered to the public in Mexico only if they are registered with the National Securities Registry (RNV) kept by the CNBV; private placements to qualified investors or to fewer than 100 people need no registration, and a simplified registration track for qualified investors exists since December 2023. Taking deposits or other repayable funds from the public is reserved to licensed banks and other authorized entities and is a crime otherwise, but anyone may lend, lease or factor professionally without a license, and a SOFOM is simply a lender registered with CONDUSEF. Interest paid to a foreign bank bears 10 percent withholding and interest on listed debt 4.9 percent, before treaty relief; if a commercial contract sets no default rate, the legal rate is 6 percent a year.

USD conversions use MXN 18.5026 per US dollar, the US Federal Reserve H.10 noon buying rate in New York for 16 October 2026 (FRED series DEXMXUS), the latest observation available when this page was verified. Legal conversions in Mexico use the Banxico FIX, which differs slightly. Conversions are for orientation only.

Key facts

Banking and securities regulator	Comisión Nacional Bancaria y de Valores (CNBV), which keeps the RNV and grants bank, fintech and offering authorizations LMV arts. 7 and 70; LIC art. 8o.; LRITF art. 11, as of 2026-10-26 · in force
Public offerings require registration with the securities registry	Yes, in the Registro Nacional de Valores LMV art. 7, as of 2026-10-26 · in force
Private placement of shares without registration: offered to fewer than	100 personsLMV art. 8, section II, as of 2026-10-26 · in force
CNBV fee to study a registration and public offering request (2026)	32528 MXNLFD art. 29-A, section I; RMF 2026 Annex 4, as of 2026-01-01 · in force
Securities registry fee for listed shares, per thousand of book equity (cap MXN 5,177,036 in 2026)	0.7 per thousandLFD art. 29-B, section I, paragraph a) 1; RMF 2026 Annex 4, as of 2026-01-01 · in force
Mandatory tender offer threshold for listed companies	30 %LMV art. 98, as of 2026-10-26 · in force
Minimum paid in capital for a full service commercial bank	90000000 UDILIC art. 19, as of 2026-10-26 · in force
License required to lend, lease or factor professionally	No; SOFOM status requires registration with CONDUSEF LGOAAC art. 87-B, as of 2026-10-26 · in force
Crowdfunding and electronic payment funds platforms need authorization	Yes, CNBV authorization LRITF art. 11, as of 2026-10-26 · in force
Withholding on interest paid to foreign banks (domestic rate, before treaties)	10 %LISR art. 166, section I, paragraph a) 2, as of 2026-10-26 · in force
Withholding on interest on debt placed among the general investing public, paid to foreign residents	4.9 %LISR art. 166, section II, paragraph a), as of 2026-10-26 · in force
Withholding on interest on federal government and Banxico securities held by foreign residents	0 %LISR art. 166, exemption paragraph d., as of 2026-10-26 · in force
Legal default interest rate on commercial debts when none is agreed	6 % a yearCódigo de Comercio art. 362, as of 2026-10-26 · in force
Mexico and Argentina double tax agreement entry into force	2017-08-23 dateArgentine approval Ley 27.334, Boletín Oficial 21 December 2016, as of 2026-10-26 · in force

The rule

1. Public offerings need RNV registration; private placements have four safe harbors. Securities may be the object of a public offering in Mexico only if they are registered in the National Securities Registry (Registro Nacional de Valores, RNV), which the National Banking and Securities Commission (CNBV) keeps. An offering abroad of securities issued in Mexico or by Mexican companies must be notified to the CNBV, and the offering document must state that the securities cannot be offered publicly in Mexico. A private offering of unregistered securities in Mexico may be made by anyone if it is (I) made only to institutional or qualified investors, (II) an offering of shares or equivalents to fewer than 100 people, whatever the number of classes or series, (III) made under a general plan for employees of the issuer or its group, or (IV) made to shareholders or members of entities that operate exclusively or mainly with them. The CNBV may authorize other private offerings. Only authorized intermediaries may intermediate registered securities.
Cost to do it: A private placement within art. 8 pays no CNBV fee. A public offering pays the fees in the next rule plus underwriting, legal, audit and stock exchange listing costs, which are set by the market and not by law.
Example: A Mexican S.A.P.I. raising MXN 185,026,000 from 40 investors, or from any number of qualified investors, can do so as a private placement under LMV art. 8 without RNV registration. Marketing the same shares to the general public through media would be a public offering requiring registration. / MXN 185,026,000 is about USD 10,000,000 at 18.5026.Ley del Mercado de Valores (LMV), DOF 30 December 2005, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 7, 8 and 9, 2005-12-30 official text · verified 2026-10-26

2. Simplified registration for offerings to qualified investors (reform of December 2023). Companies may obtain and keep a simplified registration of their securities in the RNV if they qualify as simplified issuers under CNBV general rules, the issue and their accumulated issues stay within the maximum the CNBV sets, and the securities are offered only to institutional or qualified investors. The issuer files the request jointly with the stock exchange, attaching the exchange's favorable opinion that its listing requirements are met, and the CNBV does not review the documentation filed. Simplified registrations are exempt from the CNBV study fee in Ley Federal de Derechos art. 29-A, section I.
Cost to do it: No CNBV study fee under LFD art. 29-A. The RNV registration fee under LFD art. 29-B and stock exchange fees still apply; the issue cap is set in CNBV general rules, not in the law.
Example: A mid sized company that wants a listed bond only for pension funds and other qualified investors can use simplified registration and save the MXN 32,528 study fee and the CNBV review period. / The study fee saved is about USD 1,758.Ley del Mercado de Valores, art. 70 Bis added by decree DOF 28 December 2023; Ley Federal de Derechos art. 29-A, section I, paragraph reformed DOF 7 November 2025, LMV arts. 10, section II, and 70 Bis; LFD art. 29-A, section I, 2023-12-28 official text · verified 2026-10-26 · changed: The decree published in the DOF on 28 December 2023 added LMV art. 70 Bis, creating simplified RNV registration for issues offered only to institutional or qualified investors with no CNBV review of the file; the LFD reform of DOF 7 November 2025 confirms that these requests pay no study fee under art. 29-A.

3. CNBV fees for a public offering in 2026. Studying any request for RNV registration or its update and authorization of a public offering costs MXN 32,528 (the same fee applies to authorization of promotional material aimed at the general public, unless filed with the registration). Registering securities in the RNV then costs, for shares of a listed company (S.A.B.), 0.7 per thousand of the issuer's book equity, capped at MXN 5,177,036; for shares of an S.A.P.I.B., 0.35 per thousand capped at MXN 2,588,518; and for debt and similar securities with a term over one year, 0.7 per thousand of the amount issued, capped at MXN 5,177,036. Issuers of registered securities also pay annual inspection and supervision fees.
Cost to do it: MXN 32,528 study fee (about USD 1,758) plus 0.7 per thousand of equity or of the amount issued, capped at MXN 5,177,036 (about USD 279,800).
Example: An IPO by a company with book equity of MXN 2,000,000,000 pays MXN 32,528 for the study of the request and MXN 1,400,000 (0.7 per thousand) to register its shares. A five year bond of MXN 5,000,000,000 pays MXN 3,500,000 to register. / IPO registration fee about USD 75,665; bond registration fee about USD 189,163; study fee about USD 1,758.Ley Federal de Derechos (LFD), last reform DOF 7 November 2025; fee amounts updated for 2026 in Anexo 4 de la Resolución Miscelánea Fiscal para 2026, DOF 28 December 2025, LFD arts. 29-A, sections I and II, and 29-B, section I, paragraphs a) 1 and 2 and b) 1, 2025-12-28 official text · verified 2026-10-26

4. Mandatory tender offer at 30 percent of a listed company. Any person or group that intends to acquire, directly or indirectly, by any means, in one or several simultaneous or successive transactions, on or off exchange, 30 percent or more of the ordinary shares of a company registered in the RNV must do so through a public tender offer. The offer must extend to all series of shares, including limited or non voting shares, at the same price whatever the class. It must cover the greater of the percentage sought and 10 percent of the capital if the bidder will stay below control, or 100 percent of the capital if the bidder seeks control. Convertibles, options and physically settled derivatives on the shares count toward the 30 percent. The CNBV may authorize a control offer for less than 100 percent with board approval after a favorable opinion of the corporate practices committee, and the bidder may not pay any premium over the offer price to persons related to the target shareholders.
Cost to do it: No specific fee in the law for the tender offer itself; CNBV authorization, financial advisers and the offer price for all series of shares are the real costs.
Example: A foreign strategic buyer holding 25 percent of a listed Mexican company wants to reach 51 percent. Because it would cross 30 percent and take control, it must launch a tender offer for 100 percent of the capital, including non voting shares, at a single price, unless the CNBV authorizes a lower percentage. / At a market value of MXN 18,502,600,000, an offer for 100 percent would be sized at about USD 1,000,000,000 at 18.5026.Ley del Mercado de Valores, DOF 30 December 2005, last reform DOF 14 November 2025, Arts. 98, 99 and 100, 2005-12-30 official text · verified 2026-10-26

5. The S.A.P.I.: private equity and venture terms written into the bylaws. A sociedad anónima promotora de inversión (S.A.P.I.) may include in its bylaws, beyond the general corporate law: share transfer restrictions; grounds to exclude shareholders, withdrawal rights and share redemption with the price or pricing basis; non voting or limited voting shares, shares with special economic rights, and veto rights over shareholder resolutions; deadlock mechanisms; expanded, limited or excluded preemptive rights; and limits on director and officer liability for damages. Minority holders of 10 percent of voting shares, alone or together, may appoint one director and one statutory examiner for each 10 percent and may call a shareholders meeting or postpone a vote once for three days.
Cost to do it: No regulatory fee to adopt the S.A.P.I. form; the cost is notary and legal drafting of the bylaws, which is set by the market.
Example: A US fund investing MXN 92,513,000 for 20 percent of a Mexican startup organized as an S.A.P.I. can take preferred shares with a liquidation preference, a veto over new debt and drag along and tag along clauses in the bylaws, and appoint two directors with its 20 percent stake. / MXN 92,513,000 is about USD 5,000,000.Ley del Mercado de Valores, DOF 30 December 2005, last reform DOF 14 November 2025, Arts. 10, section I, 13 and 16, 2005-12-30 official text · verified 2026-10-26

6. Taking money from the public is reserved to banks and other authorized entities. Banking and credit services, defined as raising funds from the public in Mexico to place them with the public through acts that create a direct or contingent liability, may be provided only by credit institutions (commercial and development banks). Organizing and operating a commercial bank requires an authorization the CNBV grants at its discretion, with the agreement of its board and a favorable opinion of Banco de México; the authorization is not transferable, the bylaws must be filed within 90 days of notification and approval to start operations must be sought within 180 days. A commercial bank authorized for all operations needs minimum subscribed and fully paid capital equal to 90 million investment units (UDIs), and the CNBV may set lower amounts for narrower licenses, but never below 40 percent of that figure. No person may raise funds from the public in Mexico through deposits, loans or any other act creating a liability unless it is a bank or another authorized intermediary, an issuer of RNV registered securities placed by public offering, a savings and loan cooperative, or another listed exception such as fintech institutions. Breaching arts. 2 or 103 is punished with 7 to 15 years in prison and a fine of 500 to 50,000 times the reference unit set in the law. A Mexican bank controlled by a foreign financial institution from a treaty country operates as a filial under the same law and Ministry of Finance rules.
Cost to do it: Minimum paid in capital of 90 million UDIs for a full license (the peso amount moves with the UDI value at 31 December of the prior year), plus the cost of the CNBV application, compliance systems and staff.
Example: A foreign group that wants to take deposits from Mexican customers must obtain a bank license; holding customer balances for payments instead needs authorization as an electronic payment funds institution under the fintech law. Advertising deposit products without one exposes the promoters to prison under LIC arts. 103, 111 and 111 bis. / The capital test is set in UDIs, not dollars; a USD bank capital plan must be converted at the UDI value and the exchange rate on the measurement date.Ley de Instituciones de Crédito (LIC), DOF 18 July 1990, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 2o., 8o., 19, 45-A, 45-B, 103 and 111, 1990-07-18 official text · verified 2026-10-26

7. Lending, leasing and factoring need no license; a SOFOM is a registered lender. Anyone may grant credit, financial leases or factoring on a habitual and professional basis without authorization from the federal government. A company is legally a sociedad financiera de objeto múltiple (SOFOM) only if it is an S.A. with a current registration with CONDUSEF, has lending, financial leasing or factoring as its main corporate purpose (portfolio management and leasing of assets may be added if their income stays within 30 percent of total income), adds "SOFOM, E.R." (regulated) or "SOFOM, E.N.R." (not regulated) to its name and, if it is not regulated, holds a favorable CNBV technical opinion on its anti money laundering policies, compliance function and automated monitoring system before registering. A SOFOM is regulated when it has equity links with a bank or other specified regulated entities.
Cost to do it: No license fee to lend. A SOFOM, E.N.R. needs the CNBV anti money laundering opinion, the CONDUSEF registration and an automated monitoring system; their cost depends on providers.
Example: A Mexican S.A. de C.V. owned by a foreign fund can make MXN 18,502,600 in working capital loans to Mexican companies without any license. If it wants SOFOM status, it must change its name and corporate purpose, obtain the CNBV technical opinion and register with CONDUSEF. / MXN 18,502,600 is about USD 1,000,000.Ley General de Organizaciones y Actividades Auxiliares del Crédito (LGOAAC), DOF 14 January 1985, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 87-B and 87-P, 1985-01-14 official text · verified 2026-10-26

8. Fintech: crowdfunding and electronic payment funds need CNBV authorization. To organize and operate as a financial technology institution (ITF), that is a crowdfunding institution or an electronic payment funds institution, a company needs an authorization from the CNBV after agreement of the Interinstitutional Committee of the Ministry of Finance, Banco de México and the CNBV. Authorized ITFs must add "institución de financiamiento colectivo" or "institución de fondos de pago electrónico" to their name, disclose that they are authorized and supervised, and state in their websites, apps, advertising and contracts that neither the federal government nor state entities guarantee client funds. The use of those names, or similar expressions in any language, is reserved to authorized ITFs.
Cost to do it: Authorization costs are application, capital, technology and compliance costs; check the CNBV general rules for each ITF type before budgeting.
Example: A foreign wallet provider that wants to hold Mexican users' balances in pesos must obtain authorization as an electronic payment funds institution; a crowdfunding platform matching investors with Mexican borrowers needs authorization as a crowdfunding institution. / Wallet balances of MXN 18,502,600 equal about USD 1,000,000.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 4, 11 and 12, 2018-03-09 official text · verified 2026-10-26

9. Withholding on interest paid abroad. Interest has a Mexican source when the capital is placed or invested in Mexico or the interest is paid by a Mexican resident or a permanent establishment. The payer withholds on the gross interest at: 10 percent for interest paid to foreign banks (including investment banks) and foreign government financing entities that are the beneficial owners and provide the information SAT requires; 4.9 percent for interest on securities placed among the general investing public, on loans and instruments owed by Mexican banks and SOFOMs that are part of the financial system, and on securities placed through banks or brokers in a treaty country where the CNBV notice of LMV art. 7 was filed; 15 percent to reinsurers; 21 percent on interest paid by Mexican banks to other foreign residents, to foreign suppliers of machinery and equipment and on loans financing those purchases; and the top individual rate of the LISR art. 152 tariff on other interest. The 10 and 4.9 percent rates do not apply, and the top rate applies instead, where beneficial owners receiving more than 5 percent of the interest hold more than 10 percent of the debtor's voting shares or are companies more than 20 percent owned by the debtor. Interest on loans to the Federal Government or Banco de México and on their securities placed in Mexico among the general public is exempt when the beneficial owners are foreign residents. A tax treaty can lower these rates. Mexico and Argentina have a double tax agreement in force since 23 August 2017; see The Argentine Thread guide for the Argentine side.
Cost to do it: 10 percent of gross interest for a foreign bank lender, 4.9 percent for listed debt, before treaty relief. Loan agreements usually make the borrower gross up the withholding, so the cost falls on the Mexican borrower.
Example: A Mexican company borrows USD 1,000,000 (MXN 18,502,600) from a foreign bank at 8 percent. Annual interest is MXN 1,480,208; the company withholds MXN 148,021 (10 percent) and pays it to SAT. If the same loan came from a foreign supplier financing machinery, the rate would be 21 percent, MXN 310,844. / Interest USD 80,000; withholding USD 8,000 at 10 percent, USD 3,920 at 4.9 percent, or USD 16,800 at 21 percent.Ley del Impuesto sobre la Renta (LISR), DOF 11 December 2013, last reform DOF 1 April 2024 (Chamber of Deputies consolidated text), Art. 166, 2013-12-11 official text · verified 2026-10-26

10. Default interest: 6 percent a year if the contract is silent, no interest on interest unless capitalized. Debtors who are late in paying commercial debts owe, from the day after maturity, the default interest agreed for that case or, failing that, 6 percent a year. Overdue unpaid interest does not itself bear interest, although the parties may agree to capitalize it. For promissory notes (pagarés), default interest runs at the rate stipulated for it, failing that at the rate in the note, and failing both at the legal rate.
Cost to do it: No fee. Writing an express default rate into the contract avoids falling back on 6 percent.
Example: A customer pays a MXN 1,000,000 commercial invoice 90 days late and the contract sets no default rate. The supplier can claim legal interest of about MXN 14,795 (6 percent a year for 90 days). / About USD 800 of default interest on a debt of about USD 54,046.Código de Comercio, published in the DOF from 7 October to 13 December 1889, last reform DOF 14 November 2025; Ley General de Títulos y Operaciones de Crédito, DOF 27 August 1932, last reform DOF 26 March 2024, Código de Comercio arts. 362 and 363; LGTOC art. 174, 1889-10-07 official text · verified 2026-10-26

Route	Who may use it	Authorization or registration	Rule
Public offering of shares or debt	Any issuer meeting CNBV and exchange requirements	RNV registration and CNBV offering authorization; fees of MXN 32,528 plus 0.7 per thousand, capped at MXN 5,177,036	LMV art. 7; LFD arts. 29-A and 29-B
Simplified registration	Simplified issuers within the CNBV issue cap, qualified investors only	RNV registration filed with the exchange's favorable opinion; no CNBV file review, no study fee	LMV art. 70 Bis; LFD art. 29-A
Private placement	Anyone, to qualified investors, fewer than 100 offerees for shares, employee plans or members	None	LMV art. 8
Offering abroad by a Mexican issuer	Mexican issuers	Notice to the CNBV; cannot be offered publicly in Mexico	LMV art. 7
Taking deposits from the public	Banks and other authorized entities only	CNBV license with Banxico opinion; 90 million UDIs capital for a full license	LIC arts. 2o., 8o., 19 and 103
Lending, leasing, factoring	Anyone	None; SOFOM status needs CONDUSEF registration and, for E.N.R., a CNBV AML opinion	LGOAAC arts. 87-B and 87-P
Crowdfunding or e-money wallet	Authorized ITFs	CNBV authorization after Interinstitutional Committee agreement	LRITF art. 11

Ways to raise money in Mexico and the gate for each, verified 26 October 2026 against the official texts cited on this page.

Lender or instrument	Rate
Federal Government or Banxico securities placed in Mexico, foreign beneficial owner	Exempt
Debt placed among the general investing public; loans and instruments owed by Mexican banks and SOFOMs in the financial system	4.9 percent
Foreign banks and foreign government financing entities, as beneficial owners	10 percent
Reinsurers	15 percent
Paid by Mexican banks to other foreign residents; supplier credit for machinery and equipment and loans financing it	21 percent
Other interest, and 10 or 4.9 percent cases where beneficial owners holding over 10 percent of the debtor receive over 5 percent of the interest	Top rate of the LISR art. 152 individual tariff

Mexican withholding on interest paid to foreign residents, domestic rates before treaty relief (LISR art. 166).

Worked example

A foreign parent sets up a Mexican lending subsidiary as an S.A. de C.V. and capitalizes it with MXN 185,026,000 (about USD 10,000,000). It can lend to Mexican companies at once, since lending needs no license (LGOAAC art. 87-B).
To fund growth it borrows USD 5,000,000 (MXN 92,513,000) from a foreign bank at 8 percent. Annual interest is USD 400,000 (MXN 7,401,040), and the subsidiary withholds 10 percent, USD 40,000 (MXN 740,104), unless a treaty gives a lower rate (LISR art. 166). If the lender were its own parent holding over 10 percent of the shares, the 10 percent rate would not apply.
It must not take savings from the public to fund itself: that is reserved to banks and authorized entities and carries 7 to 15 years in prison (LIC arts. 103 and 111). It can instead place notes privately with qualified investors without RNV registration (LMV art. 8).
Later it issues a five year bond of MXN 5,000,000,000 (about USD 270,232,000) on a Mexican exchange. It pays the MXN 32,528 study fee and MXN 3,500,000 (0.7 per thousand, about USD 189,163) to register the bonds (LFD arts. 29-A and 29-B), and foreign holders bear 4.9 percent withholding on the coupons (LISR art. 166, section II).

Step by step

1. Decide how you will raise money: equity or debt from a few investors (private placement under LMV art. 8, no registration), from qualified investors on an exchange (simplified registration, LMV art. 70 Bis) or from the public (full RNV registration and CNBV authorization, LMV art. 7).
2. If you will bring in private equity or venture investors, organize the Mexican company as an S.A.P.I. so that vetoes, preferred shares, transfer restrictions and deadlock clauses are enforceable bylaw terms (LMV art. 13).
3. For a public offering, budget the CNBV fees for 2026 (MXN 32,528 study fee and 0.7 per thousand registration fee capped at MXN 5,177,036), plus underwriting, legal, audit, exchange and annual supervision fees, and plan for CNBV review time.
4. If you plan to lend, decide whether to operate as a plain lender or a SOFOM. For a SOFOM, E.N.R., apply to the CNBV for the anti money laundering technical opinion first, then register with CONDUSEF and change the company name (LGOAAC arts. 87-B and 87-P).
5. Never fund the business with deposits or repayable funds from the public unless you hold a bank or other authorization or issue RNV registered securities (LIC art. 103). For payments or crowdfunding products, apply for an ITF authorization before launch (LRITF art. 11).
6. For foreign loans, classify the lender under LISR art. 166 before signing, collect proof of tax residence and beneficial ownership for treaty relief, and agree the gross up clause; withhold and pay the tax to SAT by the 17th of the following month.
7. Write an express default interest rate into commercial contracts and promissory notes; otherwise the legal 6 percent applies (Código de Comercio art. 362).
8. Recheck this page and the official texts before large transactions; the verified date is shown at the top.

Common traps

Marketing a private round too widely. The share exemption is for fewer than 100 offerees, counted across all classes and series, and any offer to the general public through media is a public offering that needs RNV registration (LMV arts. 7 and 8).
Selling abroad and then marketing in Mexico. An offering abroad by a Mexican issuer must be notified to the CNBV and its documents must state that the securities cannot be offered publicly in Mexico (LMV art. 7).
Creeping over 30 percent. Successive purchases, on or off exchange, and convertibles, options and physically settled derivatives all count toward the mandatory tender offer threshold (LMV art. 98).
Treating a lending company's funding as harmless. Raising repayable funds from the public through loans or notes not registered in the RNV is a crime with 7 to 15 years in prison, and holding yourself out as a financial entity without authorization carries 1 to 6 years (LIC arts. 103, 111 and 111 bis).
Calling yourself a SOFOM before registering. Only an S.A. with a current CONDUSEF registration is legally a SOFOM, and an unregulated SOFOM needs the CNBV anti money laundering opinion first (LGOAAC arts. 87-B and 87-P).
Assuming intercompany loans get the 10 percent bank rate. The 10 and 4.9 percent rates do not apply when beneficial owners that hold more than 10 percent of the borrower's voting shares, or companies more than 20 percent owned by the borrower, receive more than 5 percent of the interest; the top individual rate applies instead (LISR art. 166).
Relying on the legal rate. Without an agreed default rate, commercial debts bear only 6 percent a year, and overdue interest does not compound unless the parties capitalize it (Código de Comercio arts. 362 and 363).

Sources

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