The reigning couple of Mexican securitizations - the subnational and housing finance sectors - have dropped two new deals into the pipeline. On the housing side, Hipotecaria Nacional (HN) has a Ps960 million (US$91 million) seven-year legal final transaction slated for August.

With Deutsche Securities as lead, the structure departs from HN's last securitization, which priced in December 2001 and amounted to Ps750 million (US$71 million). Previously, the company went the route of overcollateralization to achieve a double-A on the national scale by Standard & Poor's and Fitch Ratings. Now the issuer is relying primarily on junior and mezzanine tranches to boost the senior ratings and provide capital release.

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