Infonavit Plots MXP2.7bn Issue

Infonavit plans to sell MXP2.72bn in 2030 UDI-denominated RMBS mid-December, and is heard targeting the week of December 15. The plan calls for a time-tranching structure used in previous issues, with the offer divided into a MXP1.49bn senior tranche amortizing ahead of a second MXP1.23bn senior piece. The notes will be backed by 20,850 of the Mexican lender’s own credits. Banamex and HSBC are managing the transaction, rated AAA on a national scale. The government-supported lender sidestepped weary investors last month by privately placing MXP3.65bn equivalent in UDI-denominated 2030 RMBS with a single buyer. It hopes to follow Su Casita’s placement of MXP1.65bn in 2035 RMBS.