Bancomer, HSBC Plot ABS Issues

Mexican banks BBVA Bancomer and HSBC are heard to have sizable RMBS transactions in the works, according to an investor familiar with the plans of the issuers. HSBC is heard to be mulling an local offering worth the equivalent of $200m-$300m in RMBS, while Bancomer, long expected to tap the local market, may come with an issue even sooner, before the year-end. While size and collateral for the Bancomer offer are still unclear, the deal is heard to be in line with other similar offerings, which means it could reach $300m in size too.