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.

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