Banco Hipotecario del Uruguay (BHU) is pushing ahead with the country's first securitization. The state-owned bank is shopping for an arranger for a $100 million cross-border mortgage-backed deal, which is scheduled for next year.

Following the approval of a securitization law in 1999 (ASRI 2/28/2000), state-owned BHU emerged as the natural candidate for Uruguay's first MBS deal. "We enjoy a prominent positions as the country's largest mortgage originator," explained Cesar Cendoya, deputy manager at BHU. "So the government decided that we should pioneer the securitization efforts. The idea is that if we succeed other players will follow."

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