While global volatility has contaminated Mexico's domestic markets, it hasn't stopped originators from issuing paper over the last couple of weeks. But the word is that presidential elections set for July 2 will deter issuers from coming to market over the next two weeks and for about a week following the vote. The pipeline, though, still looks healthy.
On June 15, state originator Infonavit priced the senior piece of an RMBS for 273 million inflation-indexed units (UDIs) ($88 million) to yield 6.25%. The legal final is 22 years and the ratings are Aaa.mx' and mxAAA' from Moody's de Mexico and Standard & Poor's, respectively. Citigroup unit Acciones y Valores led the transaction.