Crédito y Casa Prices Peso Bond

Mexico’s Hipotecaria Crédito y Casa, a mortgage writer, has a MXP1.4bn offering of certificados bursatiles. The MXP1.2bn AAA-rated 7.2-year tranche came at 100bp over the 28-day TIIE. The note has an average life of 6.6 years, and was priced the wide end of the 90bp-100bp talk. The subordinated A+ rated 7.7-year tranche B, worth MXP177m, was priced at 200bp over the TIIE, also at the wide end of guidance. Proceeds will be used to originate construction bridge loans. Barclays and Santander led.