Deutsche Bank has filed with Mexican regulators a first-ever collateralization of local mortgage-backed securities. The prospectus doesn't disclose a size for the transaction but it does list five RMBS as collateral (see table). Only the senior tranche of deals with senior-sub structures will back the transaction, according to a source familiar with the transaction.

The arranger is aiming for a triple-A on the national scale, a fairly easy target given that all the collateral carries triple-A ratings from either two or three of the main agencies, the source added. Pricing is slated for next month.

Elsewhere in Mexico, GMAC Financiera is prepping a deal backed by mortgages from other originators, according to Jesus Robles, director of structured finance at the Mexico City office of GMAC-RFC. The bank has tapped FGIC to provide a wrap, furthering a relationship that the two formalized in October when the monoline insured its first GMAC deal. That transaction was also FGIC's first of any kind in Mexico's domestic arena.

The upcoming deal will be marketed to non-U.S. foreign investors as well as to the usual local crowd. Global buysiders are no longer so exotic to Mexican originators of local currency deals. Robles said a hedge fund even bought into the subordinated tranche of the last RMBS deal.

Meanwhile, fellow housing finance company Metrofinanciera has, in the works, a domestic deal backed by construction bridge loans. Led by IXE, the deal is still being fleshed out but should be out by the end of April. Credit Suisse handled Metro's last bridge loan transaction in January. The originator is still expected to eventually come out with a cross-border RMBS, a deal that was effectively swept aside last year in favor of a $175 million-equivalent warehousing facility by Deutsche.

(c) 2007 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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