Mexican Financials Prepare RMBS Offers

A number of Mexican banks are preparing to launch local RMBS transactions in the next couple of months, according to market participants. Mexico’s Banamex is heard preparing to launch a $300 million RMBS in the coming several weeks. Bancomer is also expected with a transaction of similar magnitude, and Scotiabank and Santander are considering comparable issues. “Eventually these deals will also include other kinds of securitizations such as auto loans, credit card receivables and consumer loan securitizations,” says an EM investor. “But they’re starting off with the RMBS market because these structures are more familiar to investors.” Mortgage writer Metrofinanciera is also in the market with an offering of RMBS to be managed locally by IXE and offshore by Deutsche Bank, according to an executive away from the deal. The offering will be denominated in Mexican inflation-linked UDIs.