Mexico's Su Casita closed a Ps525 million ($47.6 million), 25-year final deal last week that marked the birth of the fixed-peso RMBS market for private sector originators.

"We're moving towards international standards," said Mark Zaltzman, deputy head of corporate finance at Su Casita. Until now, all the RMBS by private sector originators were in inflation-indexed units (UDIs), reflecting the denomination of most mortgages in the country. Only state agency Infonavit had issued fixed peso RMBS before Su Casita. Zaltzman said that future issuance will more or less mirror origination; given that the originator is churning out one fixed peso mortgage for every three UDI mortgages, it likewise plans to have a fourth of its RMBS issuance in fixed pesos.

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