Mexican bank Banorte will soon join the ranks of credit card securitization issuers. The bank is readying a deal backed by credit card vouchers, which will be wrapped by a monoline insurer.
The transaction will be rated by Standard & Poor's and Moody's Investors Service and Nesbitt Burns is likely to be the arranger. Other particulars on the offering were unavailable at press time.
While this will be Banorte's first credit card deal, its counterparts Banco Nacional de Mexico S.A. (Banamex) and Bancomer S.A. are seasoned issuers of this type of paper. Since 1996 both banks have placed credit card securitizations worth over $1 billion in the international markets.
"Banorte is a newcomer to the credit card voucher business, while Bancomer and Banamex are well known players," said a source working on the deal. "So it will be interesting to see what the appetite for its paper is."