Metrofinanciera to Issue MXP1.1bn 2033 MBS

Metrofinanciera, the Mexican housing lender, is set to issue 278m UDIs (MXP1.1bn) in MBS certificados bursatiles due 2033. According to Moody’s, part of the deal is expected to be placed internationally through rule 144A private placement. “This is the first time that Metrofinanciera offers mortgage backed securities in the cross border markets,” says Moody’s. The transaction has first loss mortgage insurance from Sociedad Hipotecaria Federal and Genworth. The fixed coupon is 4.31%, says Moody’s. It was slated for May but according to the Bolsa has not yet been issued. ABN AMRO is the trustee and underwriters are IXE and Deutsche Bank. It has a triple A rating from all three agencies.