An accurate picture of an upcoming RMBS from Mexican housing agency Infonavit is coming into focus, based on information gleaned from a prospectus and from sources involved with the deal. In key features, it will differ from the market's first RMBS, originated by Su Casita and GMAC Hipotecaria and led by Credit Suisse First Boston.

As previously reported, the deal will amount to Ps1bn (US$89 million) and the joint leads are UBS and BBVA Bancomer (see ASR 1/26, p. 24). A subordinated tranche will account for about 18% of the total; the final figure has yet to be fixed, said one source close to the deal. The originator is going for a triple-A' rating from the agencies understood to be assessing the deal: Standard & Poor's and Fitch Ratings. The originator chose a different path than Su Casita and GMAC, which used a liquidity facility from Dutch bank the FMO and a much smaller subordination of 3% from residual certificates, among other enhancements (see ASR 12/8, p.1).

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