© 2026 Arizent. All rights reserved.

Su Casita and GMAC return in slightly tweaked RMBS

Published 2 Min Read

Mexican mortgage originators Su Casita and GMAC Hipotecaria joined forces again to close a program totaling 520 million inflation-indexed units (UDIS) (US$157 million). Kicked off in December 2003, the program heralded the birth of RMBS in the country.

The second and final issue totaled 341 million UDIs (US$103 million) and priced at a real rate of 6.5%. This was a steep 150 basis points over the initial placement, but rates have risen substantially in the last several months and the originators actually termed out the average life of the deal at a time when many issuers are looking to shorten. The average life of the deal was 6.8 years, from 5.7 years initially, with a 12-year expected final maturity.

As in the debut deal, Credit Suisse First Boston was the arranger, but this time it did not go solo, bringing on Inversorsa Bursatil as co-manager.

Another slight difference was the allocation of each originator. Su Casita provided 82% of the underlying pool, while GMAC Hipotecaria contributed the other 18%. In the initial deal, the split was 71%/29%, respectively.

Identical to the first placement, Dutch development bank the FMO provided a liquidity facility for up to 9% of the transaction. The ratings were also the same, with a triple-A on the local scale from both Moody’s de Mexico and Standard & Poor’s.

Delayed by regulators, toll-road operator Carreteras de Cuota Puebla is timed to price a Ps520 million (US$46 million), 15-year deal this week (see ASR 8/16/04).

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

N.Y. Judge Rules MBIA Couldn’t Tell If GMAC Misrepresented RMBS

The New York Supreme Court on Wednesday ruled that MBIA Insurance Corp. did not have any way to discover if GMAC Mortgage intentionally misrepresented the true nature of MBS that MBIA insured. “It is not clear whether MBIA could have discovered the alleged misrepresentations concerning the loan characteristics before entering into the insurance agreements,” Judge Bernard Fried […]

Mexican RMBS and Homebuilder ABS: Fresh Palette of Players for ’09

The securitization of mortgages and construction loans has slowed down to a listless sputter over the last few months in Mexico, a victim of blown-out spreads and investor aversion to debt from nonbank companies known as Sofols and Sofoms. But efforts are underway to pump new life – or at least millions of pesos – […]

Caja Madrid Makes Su Casita Its Casita

It’s news to no one who follows Mexican ABS that while credit markets have soured across the board, they’ve grown especially leery of deals collateralizing assets originated by non-bank housing finance companies called Sofols. With steep short-term maturities due, and slower amortizations on the construction loan side, a number of Sofols are struggling. And they’re […]

Mexico’s Credito Inmobiliario Forges Ahead

This week, Mexico’s Credito Inmobiliario is likely to become the first originator to collateralize a pool of construction bridge loans since before Fitch Ratings reported on heightened risk in the sector and Moody’s de Mexico put Metrofinanciera’s loan securitizations on downgrade review. Both events took place the third week of April. Reflecting the new conditions, […]

RMBS Deal Braves Higher Spreads

There’s no doubt that the spread environment in Mexico has turned harsher, but sagging interest rates are mitigating much of the sting of the steeper spreads. More importantly, domestic market investors remain open for business, as evidenced by an RMBS placed last week for 793 million inflation indexed units (UDIs) ($300 million). The originator, government […]