Fovissste Places MXP4.5bn RMBS

Mexican state-owned mortgage lender Fovissste has sold MXP4.5bn UDI-denominated RMBS in the domestic market. The 2039 notes pay a fixed-rate of 5.25% or Udibonos plus 294bp, to the tight end of 300bp indications, according to a banker on the sale. It was 2.6x subscribed, he adds. Proceeds from the deal, Fovissste’s first of the year, will go to making new loans. Banorte, Ixe and Bank of America-Merrill Lynch managed the sale, rated AAA on a national scale. Goldman Sachs joined the trio as structuring agent. The lender paid 5.4% on a similar MXP5bn deal last year.