For the second time, Mexico's GMAC Financiera has placed a piece of a local-currency RMBS with offshore investors, according to a source close to the deal. With Credit Suisse First Boston as sole lead, about half of the Ps499 million ($47 million), 31-year final, deal was snapped up by at least two European accounts. In the previous RMBS, placed last December, two offshore investors snapped up approximately a fourth of the $94 million-equivalent offered total.

U.S. investors - onshore or offshore - did not buy into the most recent deal, an absence that could be ascribed to the greater presence of European companies in the Mexican capital markets, according to the source. "If you look at the equity composition of banks in Mexico, a lot of them have European participation," the source added, saying that, apart from Citigroup Global Markets, U.S. players aren't as prominent.

In the world of domestic Mexican securitizations, European controlled BBVA Bancomer, Banco Santander Central Hispano and Deutsche Bank Securities are among the biggest players.

The transaction priced at an inflation-indexed 6.1%. The International Finance Corp. provided a liquidity facility covering up to 10.6% of the cashflows, the first draw down of a $50 million credit facility the IFC agreed granted GMAC Financiera in June. The IFC funds can be used to provide a guaranty or a liquidity facility or to purchase subordinated tranches of RMBS.

Fitch Ratings, Moody's Investors Service and Standard & Poor's all rated the transaction triple-A on their respective national scales. The deal closed Aug. 4.

The underlying portfolio is comprised of mortgages originated by fellow housing finance provider Patrimonio, which also acts as the deal's primary servicer. As part of its growing warehousing conduit, GMAC Financiera purchased the assets as a bulk whole-loan acquisition, according to the source. GMAC Financiera is the master servicer for the structure.

GMAC Financiera also makes outside mortgage flow purchases, using lines established with nine local housing finance companies, known as Sofols. In this approach, as soon as the lien is registered and the title transferred, the mortgage is sold to the warehousing facility. GMAC Financiera remains the only Mexican Sofol securitizing loans originated by third-party lenders.

The deal is GMAC Financiera's second under a program amounting to 1.7 billion inflation-indexed units, or roughly $572 million. Apart from the IFC facility, the deal is enhanced by overcollateralization and other enhancements, such as hyperinflation insurance and non-payment insurance provided by government entity Sociedad Hipotecaria Federal.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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