Mexico's Metrofinanciera has been attracting a good deal of attention lately. The real estate finance company has entered a non-binding agreement to acquire peer Credito y Casa, a venture that has put Metro's groundbreaking cross-border RMBS on ice, according to a source close to the potential buyer. Meanwhile, another, outstanding transaction from the company - groundbreaking in its own way - has been stumbling.
The acquisition talk started percolating a few weeks ago, right when the company was readying Mexico's first cross-border RMBS via Deutsche Bank. Sized at 295 million inflation indexed units (UDIs) ($102 million), the deal has a legal final of 27 years and is rated BBB+', Baa1', and BBB+', respectively, by Fitch Ratings, Moody's Investors Service, and Standard & Poor's.