Mexico's domestic ABS issuance has yet to lose steam ahead of the looming holidays. Two deals have priced so far this December and at least a couple of others could close before the year is up.
The last originator to descend on investors was state agency Infonavit, the country's biggest generator of mortgages. Last Wednesday, the issuer priced an RMBS for 298 million inflation-indexed units (UDIs) ($102 million) at a real rate of 5.66%. BBVA Bancomer and Inversora Bursatil jointly led the transaction, which had a final maturity of 22 years. Moody's de Mexico and Standard & Poor's rated the deal triple-A on their respective national scales. Traditional pension funds snapped up nearly half the deal, while the rest went to insurance companies, a couple of corporate pension funds and bank-managed funds, according to a source close to the deal.