Brazil’s leading mortgage originator Caixa Economica Federal today closed the R$232.8 million senior piece of its largest ever RMBS, said a source close to the transaction. The yield came to 10.5% over the TR, a benchmark savings rate.

The originators retained a subordinated piece totaling R$25.9 million. The deal could be a watershed, as the market had long anticipated a meaningful move by Caixa into the sector. Before this it had only one other RMBS under its belt — a small deal floated in late 2007 via ABN Amro.

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