Mexican ABS Pipeline Grows

Mexican mortgage lender Metrofinanciera is preparing a peso-denominated $100m-equivalent Reg S/144a 5-year RMBS. Pricing is expected December 11. An A series of up to MXP858m and subordinated B series of up to MXP141m will pay interest over TIIE. The issue is rated mxAAA by S&P. Deutsche Bank and Ixe are leading the global and local portions, respectively. Separately, BBVA Bancomer has registered to sell up to MXP20bn in MBS from a 5-year program. The sale will be managed by its own brokerage unit. Meanwhile, Banorte recently priced MXP5.34bn in 2037 bonds backed by loans to local governments and municipalities as well as state and federal Mexican bonds. The transaction via JPMorgan was given an Aaa local rating from Moody’s and priced at 48bp over 28-day TIIE.