This week, Mexico's Credito Inmobiliario is likely to become the first originator to collateralize a pool of construction bridge loans since before Fitch Ratings reported on heightened risk in the sector and Moody's de Mexico put Metrofinanciera's loan securitizations on downgrade review. Both events took place the third week of April.

Reflecting the new conditions, Inmobiliario has halved the tenor from its first and only deal in the sector, a 10-year, Ps750 million ($71 million) securitization that closed in December 2006 via ING. "There aren't investors who want ten years," said Gerardo Tarrats, head of corporate finance at Inmobiliario. But he added that paper shorter than a five-year wouldn't make much economic sense. In a departure from the usual approach to marketing paper in Mexico's domestic market, lead ING and the originator first went on a non-deal roadshow to gauge the buyside's appetite and determine how the product would be tweaked to make it palatable.

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