NEW YORK - Moody's Investors Service positioned Mexican real estate assets at center stage for its fifth annual Latin American Securitization Briefing in an echo of last year's conference. But there was no mistaking that things were different now. Over the past 12 months, originators have debuted RMBS and deals backed by commercial real estate receivables; consolidation has been given a shot of adrenaline with the recent announcement that a Mexican subsidiary of Spain's Banco Bilbao Viczaya Argentaria (BBVA) will purchase leading mortgage originator Hipotecaria Nacional for $375 million; and players that now wear multiple hats are becoming increasingly specialized.

In addition, the haze over Mexico's first cross-border securitization of construction loans is starting to clear (see Metrofinanciera on page. 21).

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