Mexican mortgage originators Su Casita and GMAC Hipotecaria joined forces again to close a program totaling 520 million inflation-indexed units (UDIS) (US$157 million). Kicked off in December 2003, the program heralded the birth of RMBS in the country.

The second and final issue totaled 341 million UDIs (US$103 million) and priced at a real rate of 6.5%. This was a steep 150 basis points over the initial placement, but rates have risen substantially in the last several months and the originators actually termed out the average life of the deal at a time when many issuers are looking to shorten. The average life of the deal was 6.8 years, from 5.7 years initially, with a 12-year expected final maturity.

As in the debut deal, Credit Suisse First Boston was the arranger, but this time it did not go solo, bringing on Inversorsa Bursatil as co-manager.

Another slight difference was the allocation of each originator. Su Casita provided 82% of the underlying pool, while GMAC Hipotecaria contributed the other 18%. In the initial deal, the split was 71%/29%, respectively.

Identical to the first placement, Dutch development bank the FMO provided a liquidity facility for up to 9% of the transaction. The ratings were also the same, with a triple-A on the local scale from both Moody's de Mexico and Standard & Poor's.

Delayed by regulators, toll-road operator Carreteras de Cuota Puebla is timed to price a Ps520 million (US$46 million), 15-year deal this week (see ASR 8/16/04).

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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