The real estate market in Mexico continues to break new ground. Having cut its teeth in the sector with an issue for housing finance company Hipotecaria Nacional only last December, Santander Investment last week led a deal that is being touted as the peso market's first structured bond in commercial real estate. The seven-year Ps620 million (US$56 million) deal priced at 180 basis points over three month Cetes, with March 12 slated as the close. Corporativo en Finanzas structured the bond and Value was co-manager.

Backing the deal are lease contracts from three shopping malls run by originator GICSA. Standard & Poor's and Moody's Investors Service have rated the transaction mxAA+' and Aa1.mx' on the national scale, respectively.

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