Bancomer Issues Mexico's Biggest RMBS Yet

By Felipe Ossa

August 18, 2008

Bucking the slowdown in issuance of deals backed by real estate receivables, Mexico's BBVA Bancomer closed the country's largest-ever RMBS on Aug. 8. The deal, amounting to 1.2 billion inflation indexed units (UDIs) ($475 million), was divided equally into two tranches. The A1 piece, with a duration of 2.5 years, priced at 4.61%. The A2 piece, with a duration of 6.5 years, yielded 5.53%. The legal final was 25 years.

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