Mexican real estate-finance company Patrimonio priced a Ps800 million ($74 million) ABS last Wednesday. The Ps672 million, five-year Class I' notes priced at 125 basis points over 28-day TIEE, with 85% of that piece providing a yield the adjusts daily and 15% with one that adjusts monthly. The Ps96 million, 5.5-year Class II' notes priced at 320 basis points over 28-day TIEE, adjusting monthly. Fitch Ratings and Standard & Poor's rated both tranches triple-A and single-A on the national scale, respectively. The originator absorbed an unrated equity tranche worth Ps32 million. The collateral for the deal consisted of bridge loans for construction. The sole lead was Multivalores, with Valores Mexicanos as co-manager.

While institutional investors purchased the bulk of the triple-A notes, retail investors snapped up roughly half of the single-A paper, according to Jorge Lopez, director of corporate financing at Multivalores.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.