Bancomer Tees Up Challenging RMBS

Bancomer Tees Up Challenging RMBS

Structured Finance

BBVA Bancomer plans to sell MXP4.83bn in 2033 RMBS today, in what would be the largest Mexican offering of its kind to date. It comes as Mexican mortgage-backed issuers have been scaling back their pipelines and cutting down individual issuance sizes as spreads have widened and demand fizzled. According to state mortgage lender SHF, average spreads for peso-denominated RMBS, which were less than 40bp over corresponding government benchmark bonds at the middle of last year, flared wider than 130b

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