Fovissste Local Bond Comes Tight

Fovissste Local Bond Comes Tight

Mexico Structured Finance

Mexico’s Fovissste raised MXP3.6bn ($309m) equivalent in the local markets Tuesday through a UDI-denominated RMBS that generated some MXP10bn plus in demand, says a banker on the deal. The bonds priced to yield 4.70%, or 339bp over Udibonos, tight to 4.85% area guidance, allowing it to come 5bp inside Infonavit’s RMBS issuance last week, adds the banker. Investors included pension funds, insurance companies, private banks, bank treasuries and mutual funds. “This is a government ho

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