Even for Mexico, on a tear for most of this year, it was a bit much to produce a pair of monumental deals at the start of the holiday season. In a span of two days, Credit Suisse First Boston and Citigroup unit Acciones y Valores debuted transactions in the housing and sub-sovereign sectors, respectively. Both won respectable pricing and represented long, hard months of molding new kinds of financial architecture.
For CSFB, a mortgage-backed bond also marked the bank's debut as an underwriter in the peso market. "We didn't have a presence before; we have it now," said Felipe Garcia, vice president of Latin American debt capital markets at the bank. Opened for business since mid-2002, as underwriter the Mexican unit of CSFB had been working only on cross-border transactions for local issuers. That is until it snagged a mandate from originators Su Casita and GMAC Hipotecaria on what would turn out to be the country's first proper MBS.