Brazilian Securities, an agency that specializes in securitizing real estate receivables, is currently in the process of selling two mortgage-backed real estate certificates, or CRIs, with a minimum ticket size of R$1,000 ($582), according to a source close to the deal.

The small size required special approval from securities regulator CVM, given that regulations do not allow CRIs to be parceled out in allotments below R$300,000. Combined, the senior notes of both transactions from Brazilian Securities are worth $37 million.

Selling CRI tranches well below the mandated minimum was last tried by Caixa Economic Federal in its debut RMBS in May of last year.  

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