The Mexican securitization industry witnessed two firsts last week. Originator Patrimonio and investment bank Multivalores closed a deal that was a debut in the sector for the both of them. Sized at Ps588 million ($51 million), the five-year final senior piece priced at 150 basis points over the benchmark 28-day TIIE, according to a source close to the transaction. Fitch Ratings and Standard & Poor's reportedly rated that chunk triple-A on the national scale. Rated single-A, a Ps84 million, five-year final subordinated tranche priced at 345 basis points over TIIE. The pricing date was Oct. 27. The collateral was comprised of bridge loans for construction, a commonplace asset in the Mexican securitization business.

Up ahead is an RMBS by Infonavit, the country's largest originator. The issuer has registered a Ps4 billion program, with initial issuance capped at Ps1.29 billion, but likely to end up smaller, according to a well-placed source. The deals will be denominated in inflation-indexed units (UDIs) and have a legal final maturity of 17.5 years, according to a release by Fitch. The agency has rated the program AAA(mex)' on the national scale. The leads are BBVA Bancomer and Inbursa.

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