Mexico’s RMBS issuers see lower volumes in 2009 and remain uncertain about when they can issue next.
“The next few months will be challenging. The investor mood has to be to wait and see how things happen in the US,” Jose de Jesus Gomez, head of the MBS program at Infonavit, said at a recent Moody’s LatAm securitization panel in New York. He adds that Infonavit will come to market if decent conditions return, but the shop can still hit a target of 500,000 mortgages without returning for the remainder of the year.
“There’s a huge drop. We see absolutely no appetite,” says Mark Zaltzman, CFO of mortgage lender and erstwhile frequent issuer Su Casita. He explains that RMBS spreads have doubled, with the costs passed on to borrowers. Su Casita will have to issue fewer mortgages if the trend continues, he adds.
