GMAC Mexicana Readies Auto ABS

GMAC Mexicana is preparing to sell up to MXP1.6bn in 2010 floating-rate bonds backed by a pool of auto loans. The transaction is set to price September 24 and will include a 2010 subordinated piece of around MXP400m. Although GMAC’s Financiera and Hipotecaria units have issued MBS in Mexico, this offering would be the first securitization by GMAC Mexicana, the auto loan unit. Scotia is managing the sale.