© 2026 Arizent. All rights reserved.

Mexico’s Patrimonio makes market debut

Published 2 Min Read

The Mexican securitization industry witnessed two firsts last week. Originator Patrimonio and investment bank Multivalores closed a deal that was a debut in the sector for the both of them. Sized at Ps588 million ($51 million), the five-year final senior piece priced at 150 basis points over the benchmark 28-day TIIE, according to a source close to the transaction. Fitch Ratings and Standard & Poor’s reportedly rated that chunk triple-A on the national scale. Rated single-A, a Ps84 million, five-year final subordinated tranche priced at 345 basis points over TIIE. The pricing date was Oct. 27. The collateral was comprised of bridge loans for construction, a commonplace asset in the Mexican securitization business.

Up ahead is an RMBS by Infonavit, the country’s largest originator. The issuer has registered a Ps4 billion program, with initial issuance capped at Ps1.29 billion, but likely to end up smaller, according to a well-placed source. The deals will be denominated in inflation-indexed units (UDIs) and have a legal final maturity of 17.5 years, according to a release by Fitch. The agency has rated the program AAA(mex)’ on the national scale. The leads are BBVA Bancomer and Inbursa.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

http://www.thomsonmedia.com http://www.asreport.com

For reprint and licensing requests for this article, click here.

More From Asset Securitization Report

State of Mexico Deal Marks a Few Firsts

In late August, an entity of the State of Mexico known as IFREM originated a roughly Ps4 billion ($306 million), 20-year deal backed by flows from property registration fees. Structured by MBIA unit LatAm Capital Advisors (LCA), the transaction was novel on a number of fronts. For starters, there was the choice of guarantors on […]

Mexico’s New Dream Equity Product Has ABS Accent

A new financing vehicle is poised to take off in Mexico, and it has structured finance players scrambling to make deals. What’s interesting is that, at its core, it’s an equity product. Boosters of capital development certificates (CCDs), as they are known, see them as an unprecedented opportunity to invest in infrastructure and other sectors […]

Mexico: Ready to Give ABS a Fresh Look?

Following a spring that was on life support, Mexico’s structured finance market sprang to life in late June and into July. A clutch of significant deals closed and more entered the pipeline. But it was unclear: is the country’s ABS market on a firm rebound or is this just another summer fling? The tone right […]

Mexico Posts $808 Million ABS/MBS Deals in December

Mexico closed out the month of December with deals from four originators. Spreads were well out from earlier in the year, but these transactions at least made it through, and market investors bought in as well. All told, the rough equivalent of $808 million in ABS and MBS was sold domestically last month – not […]

Peru, Mexico and Brazil Show There’s Life in LatAm

The credit crisis rippling from the U.S. was pressuring liquidity in Latin American markets well before the bailout plan’s “will they or won’t they” moments last week sent stocks in the region gyrating. Players in different countries managed to squeeze ABS deals through, but pricing for some transactions toward the end of the quarter was, […]