September was a poor month for ABS issuance in Mexico, but the pipeline portends a few sizable deals up ahead. The only transactions placed in the public market was the second RMBS from FOVISSSTE, basically the piggybank for government employees in the country, and a negligibly-sized re-opening of an RBMS from Hipotecaria Total (for description of Total’s unique approach to RMBS see ASR 2/4/08).
The FOVISSSTE deal amounted to 936 million inflation-indexed (UDIs) ($297 million) and yielded 5.39%, with a legal final of 30 years. The fund closed its maiden RMBS only last June. The current transaction brings the agency’s total issuance of RMBS to 1,760 UDIs.