Mexican housing finance company Patrimonio has penciled in a Ps800 million ($74 million) ABS for pricing in mid June, its second bond backed by bridge loans for construction, infrastructure projects and property acquisition. Led by Multivalores, the transaction has a senior/sub structure, a choice that dovetails with the originator's ambition to finance these assets without overly depending on outside support, in particular the Sociedad Hipotecaria Federal. "We prefer to use this structure to reduce our dependence on the SHF," said Othon Paez, head of financial planning at Patrimonio. For years a major provider of funding for Mexico's housing finance companies, the SHF is now morphing into a bond guarantor.

Patrimonio is open to working with guarantors - and not only the SHF - in securitizing its mortgages when it debuts in that market, an event that sits hazily in the future. "We have nothing committed or official, but we're working on projects to eventually securitize mortgages," Paez said.

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