A brisk securitization business in Mexico continues to beckon players from abroad, with monoline insurers, arrangers and even hedge fund investors unable to resist. Entrenched originators are spreading their roots further, while there always seems to be a debut issuer or collateral just around the corner. Some of the energy might be coming from elections - originators are pressed to get in before the ballot - but no one thinks the political environment will do much more than pause activity.
So far this year, ASR has tracked roughly Ps12.9 billion ($1.2 billion) in local volume, parceled out among nine originators. The pipeline looks healthy too. Originators well versed in securitization, such as mortgage originators Credito y Casa and Metrofinanciera are prepping deals, but players can also expect an infusion of new blood.