The Mexican domestic market is officially back in business, leaving behind a stagnant few months in late spring and early summer.
Housing finance company Fincasa made its second visit to the market last week via local investment bank IXE, pricing a Ps500 million (US$44 million) securitization of bridge loans for construction on Aug. 10. Fitch Ratings and Standard & Poor's rated the five-year deal triple-A on the national scale. The yield came to 170 basis points over the benchmark TIIE, 10 basis points wide to a triple-A rated structured deal issued by micro-finance lender Compartamos July 28. Size may have accounted for the difference, as Compartamos issued Ps190 million (US$17 million) of notes.