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.