Issuance of structured deals in Mexico’s domestic market totaled Ps16.3 billion ($1.3 billion) during March, according to a monthly report by the research arm of IXE Grupo Financiero.
Among the handful of transactions was a landmark Ps1.62 billion auto loan ABS from GMAC Mexicana, jointly led by HSBC and Citigroup brokerage Acciones y Valores (see ASR 3/10).
A Ps1.39 billion tranche priced at 250 basis points over 28-day TIIE, while a Ps230 million piece priced to yield a fixed-rate 10.73%.
Fitch Ratings and Standard & Poor’s rated the A tranche triple-A and the B tranche single-A, on their respective national scales.
At the same time, state-controlled originators Infonavit and Fovissste did their part to keep RMBS alive, while private-sector originators stayed away. Combined, the issuers turned out Ps9.4 billion in domestic RMBS during March.