Fovissste Raises Private Overseas RMBS

Mexico’s Fovissste has raised MXP5.48bn ($457m) in UDI-denominated RMBS in a private deal sold to international investors. The 30-year bonds with an average life between 5 and 6 years pay 4.5% and represent the government-backed lender’s first international bond sale. The notes were sold to investors in Europe and Canada, according to a company official, who declined to provide additional details about the buyers. The deal was put together during the last 5 months, the official says, as the lender looks to diversify its sources. Goldman Sachs managed the sale. Fovissste has also filed for MXP4.26bn UDI-denominated sale in Mexico’s local market, indicating an August 17 pricing.