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RMBS

Infonavit 3rd RMBS Underscores Private-Label Absence

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Mexican state agency Infonavit is nearly out with its third RMBS this year for 1.3 billion inflation indexed units ($422 million). The deal is due to price Sept. 10.

Issuance from this originator and government-owned cohort Fovissste puts into relief the absence of fresh supply from private banks and nonbank originators this year. The effects of the crisis are still being worked through the real estate sector, particularly in case of  beleaguered nonbank originators known as Sofols.

The Infonavit deal will be the lender’s 24th. The deal has a legal final of 28 years. The bookrunners are Citigroup unit Acciones y Valores and HSBC. The deal is split into two, equally-sized and equally-rated tranches. The three main agencies as well as HR Ratings have given it triple-A on their respective national scales.

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