While global markets reel from credit compression, Mexican spreads have edged out. But that has not deterred originators from entering the market with new asset classes. Case in point: GMAC Mexicana is in the pipeline with a first-time deal backed by cash flows from loans to affiliated dealers.

Due to close Sept. 26, the transaction is split into three tranches. The A notes amount to Ps1.64 billion ($154 million) and have a four-year legal maturity. The unrated B notes are worth Ps160 million, and the unrated C notes equal Ps200 million. Both also mature in four years. Expected maturity for most tranches is two years.

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