Su Casita Readies RMBS

Su Casita aims to place MXP1.65bn in 2035 RMBS as soon as Thursday. The Mexican mortgage lender plans to use the time-tranching structure seen in its other deals this year. The issue will be split into two equal tranches that amortize one after the other. To get it done in this difficult market, Su Casita is making use of a partial guarantee from FMO of the Netherlands, the first time it as used such a guarantee in at least a year. The issue is rated AAA on a national scale and HSBC is managing it. If successful, BBVA Bancomer could also follow through on a 2029 MXP-denominated issue of up to MXP6.4bn, for which it recently began the regulatory process. Before markets closed down earlier this year, Su Casita was one of Mexico’s most active local issuers. Spain’s Caja Madrid bought a 60% stake for $342m, taking its ownership to 100%.