The charms of Mexico's domestic market have already captivated XLCA and MBIA. Now it's Ambac's turn. The monoline insurer is working on one transaction each with Su Casita and Patrimonio, originators that belong to a group of nonbank housing finance companies known as Sofols. Whichever deal comes first would signal Ambac's debut in Mexico's local currency market.

Backed by bridge loans for construction, the Su Casita transaction is understood to be further along than Patrimono's deal, which collateralizes mortgages. At any rate, neither transaction is timed to close before Mexico holds presidential elections on July 2.

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