Infonavit Prices MXP RMBS

Mexico’s Infonavit has issued MXP1.1bn ($82m) of RMBSs backed by Infonavit mortgages in the domestic market. The state mortgage lender locked in its lowest coupon this year, with a UDI-denominated 2039 that was priced at 4.45%, inside talk of 4.50%, or 264bp over the government’s UDIbonos. The transaction was heard 1.7x oversubscribed after over 40 accounts participated, including private banking clients, insurance companies, investment funds, pension funds and bank treasuries. Proceeds will be used to create new mortgages. Banamex managed the sale, rated AAA on a local scale. Infonavit plans to issue a third RMBS under its MXP6bn program in February 2012 through Banamex and HSBC.