Mexican originator GICSA has prepaid the Ps542.5 million ($51 million) outstanding of a seven-year deal issued in March of 2004. Backed by lease contracts from three shopping malls, the transaction was initially Ps620 million and priced at 180 basis points over three-month Cete treasurys. Corporativo en Finanzas structured the bond, Santander Investment was the lead manager and Value was co-manager. The deal was likely the only Mexican CMBS transaction outstanding, a source said.

Moody's Investors Service and Standard & Poor's had the transaction rated at Aa1.mx' and mxAA+', respectively.

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