GMAC Launches $90 Million Mexican Peso MBS

GMAC launched late Tuesday a 90 million Mexican peso MBS offering to be priced at the end of March. The notes, to be wrapped by FGIC, a US-based insurer, will have a tenor of 28 years and an average life of 8-10 years. Pricing will be based on the comparable UDI bond. The deal is analogous to GMAC’s first FGIC-wrapped offering which was priced last year. Credit Suisse has sole books on the deal.