A Panamanian mortgage originator, La Hipotecaria, is in the market with a cross-border deal. The 29-year final, $73 million RMBS is being arranged by Descap Securities, an unfamiliar name in the arena of emerging market securitizations. XLCA is wrapping the transaction, securing it a triple-A from Standard & Poor's. The other two main rating agencies are understood to be grading the deal as well.
In a release, S&P said the transaction was the first cross-border RMBS from Panama it has rated. Hipotecaria is not a newcomer to securitization; it has issued seven deals locally. The pool is made up of 3,502 dollar loans bearing floating rates. The outstanding principal is $91 million.