Infonavit Preps First Mexico RMBS of Year

Mexican government mortgage lender Infonavit is planning a sale of MXP5.69bn of its Cedevis RMBS, in what should be the first local RMBS sale of the year. The 2036 bonds will be denominated in UDIs and split into MXP2.85bn tranches amortizing one after the other and paying a fixed interest rate. Infonavit is targeting March 10 for the sale, according to regulatory documents. Banamex and HSBC are managing the transaction, rated AAA on a national scale. Infoanvit and fellow government lender Fovissste have propped up the Mexican RMBS market since the crisis all but wiped out issuance from private lenders. Infonavit priced MXP2.53bn in UDI-denominated RMBS in November at 5.4%, also through Banamex and HSBC.