HSBC Mexico has registered a Ps10 billion ($911 million) RMBS program with the Mexican stock exchange, a first in the local market for the international bank. HSBC is self-arranging, and the legal advisor is White & Case. Details on a first deal were unavailable as of press time but a source familiar with the program said that information on its debut would be coming out in two to three weeks. The initial tap is going to be in straight pesos, he added. Most RMBS in the country have been denominated in inflation-indexed units (UDIs), as are the bulk of Mexican mortgages.
Nonbank originators known as Sofols have monopolized the RMBS market in Mexico over the last few years. So far, the only exception has been Banco Mercantil del Norte, which issued a deal of slightly over Ps2 billion in December.