With its first ABS still fresh in investors' memories, Mexican builder Geo S.A. is now mulling its second. The company is said to be looking to securitize an additional P200 million (approximately $20 million) to P300 million. The offering is expected around September.
The underlying assets are building contracts for low-income housing commissioned from Geo's subsidiaries by two state-sponsored organizations designed to provide housing for the low-income sectors: the Fondo Nacional para la Vivienda de los Trabajadores and the Fondo de Operacion y Financiamiento Bancario a la Vivienda.
Geo issued its pioneering P133 million ($14 million) transaction in the first quarter (ASRI 4/24/2000 p.6). The offering, which was also backed by construction receivables, was the first out of a P450 million program managed by Nacional Financiera, S.N.C.
