Snags mandate from top Sofol Hipotecaria Nacional

In the latest sign that international players new to the Mexican housing sector are keen to grab a share of the nascent RMBS market, Citigroup has won a mandate from Hipotecaria Nacional, the largest of Mexico's private housing finance companies, known as Sofols. Credit Suisse First Boston led the first proper RMBS last December, and UBS Warburg and BBVA Bancomer are jointly bringing the second this week. None had been involved in the construction bridge loan deals that defined the sector prior to CSFB's deal; those transactions were the province of local IXE and foreigners Santander and Deutsche Securities.

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