Mexican RMBS sprang to life in August with BBVA Bancomers
5.9 billion pesos worth of borhis. However, further issuance is
likely to be light.
The panorama is very complicated for private sector
issuers, says Roberto Guzmán, a Fitch analyst
based in Monterrey. Looking ahead, he sees limited ability for
the countrys top mortgage lenders, such as Banorte,
Scotia and HSBC, to access borhis.
As for sofoles and sofomes, the outlook is bleak, and Guzman
expects little if any borhis issuance from shops like Su
Casita, though the latter is heard planning a sale of hito
notes. Sofol mortgage portfolios, which target lower income
earners, have seen sizable jumps in default rates in the past
The BBVA trade involved the sale of 2029 RMBS
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