Infonavit Preps RMBS

Mexican lender Infonavit is preparing an issue of MXP2bn-MXP3bn of 2030 RMBS for mid-June, Jose de Jesus Gomez Dorantes, head of its Cedevis program tells LatinFinance. The issuer has filed for up to MXP3.5bn, but is still working out the amount, to be denominated in the UDI inflation-linked unit. The transaction will feature a similar time-tranching structure as a MXP3.1bn UDI denominated 2030 RMBS issue placed in April, with two tranches offering different weighted average lives. “We don’t believe in changing structures from one deal to the next,” Gomez says. “Investors must know what they are buying.” Infonavit aims to place its entire MXP15bn shelf by the end of the year, leaving roughly MXP9bn to go after June. Banamex and HSBC are managing the sale, with Deutsche Bank as co-manager.