Infonavit Plans RMBS

Mexico’s Infonavit is looking to issue its third domestic RMBS deal of the year. The dual tranche 2038 bonds, which are rated AAA on a national scale, are expected to be issued in the last week of August or the first week of September, says a banker on it. Banamex and HSBC are joint leads and the banker says size is to be determined. Both tranches will be denominated in the UDI inflation-linked unit. The average life of the first tranche is 2.4 years and the average life of the second is 6.3 years. The government-owned mortgage lender raised MXP4.2bn in June through a similar sale via the same banks, paying 3.90% and 5.05%, also for a 2038 maturity.