Having completed its fifth RMBS last week, Titularizadora Colombiana has, to date, securitized slightly more than Ps3 trillion ($1.2 billion) in mortgages. Colombia's leading mortgage securitizer sold Ps370 billion in RMBS on Nov. 18, at an average weighted yield of 3.8% plus the UVR inflation index.

As in the first four transactions, Fitch Ratings affiliate Duff & Phelps and stand-alone agency BRC Investor Services rated the deal triple-A on the national scale. Roughly 40% of the pool consists of social-interest loans, which carry an implicit guaranty from the government. The other 60% bear a nominal guaranty from the International Finance Corp., which has participated in the previous RMBS.

Banco Granahorrar originated about 29% of the underlying mortgages; Banco Colmena generated 27%; Banco Colpatria, 24%; and Banco AV Villas, 20%.

Titularizadora caught the attention of global MBS players last June, when it debuted Latin America's first nonperforming loan (NPL) transaction, for the peso equivalent of $33 million. It has since returned to the market with a second NPL deal.

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