Mexican housing agency Infonavit is understood to be on the verge of registering an MBS transaction put together by UBS Warburg and BBVA Bancomer, with Deutsche Bank Securities as co-lead, according to sources. The deal is heard at Ps1 billion (US$90 million), a drop from the figures bandied about when talk of this RMBS broke out in June of last year. "This is a pilot deal for them and they've decided to ease into it," said a source close to the deal.

The pared-down size and slow progression of the Infonavit transaction reflects the RMBS class in Mexico overall, where hyped-up talk in the beginning of the year gave way to more moderate chatter by the fourth quarter. The class did not debut until December when Credit Suisse First Boston closed a US$53 million-equivalent joint deal for originators Su Casita and GMAC Hipotecaria (see ASR 12/8, p.1)

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