Infonavit Readies RMBS

Mexico’s Infonavit is preparing its second local RMBS sale of the year, according to regulatory documents. The government-owned mortgage lender plans to raise MXP5.62bn in 2038 bonds denominated in UDIs. The issue will be split into identical tranches with the first featuring a 2.7-year average life and amortizing before the second, which has a 7.2-year average life. Infonavit aims to price June 16, and will use proceeds to make new loans. Banamex and HSBC are managing the deal, rated AAA on a national scale. Infonavit raised MXP4.93bn in March in a similar sale through the same banks, paying interest rates of 4.11% and 5.33%.