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Borrower's view: Borrowing globally to buy homes in Mexico

As more and more Mexicans are encouraged to buy their own homes, the companies that provide mortgages will increasingly look to the international capital markets to fund their lending. Armando Guzman, director general of mortgage provider Metrofinanciera, talks to Lawrence White about his expansive borrowing strategy and his hopes for the development of mortgage-backed securitizations.

Finished houses and continuing construction in the Real del Sol low cost housing subdivision 20 miles north of Mexico City.

Armando Guzman Gonzales, director general of Mexican sofol (mortgage provider) Metrofinanciera, thinks that the mortgage-backed securitization (MBS) market in Mexico is at an exciting stage in its recent rapid development. The growing number of investors keen to participate in this growth story will be pleased to hear that Metrofinanciera is planning to bring to market more global bonds this year, after the relatively good performance of its $75 million perp non-call 10-year deal this April. “We have a funding target for the financial year 2006 of around Ps20 billion [$1.8 billion],” says Guzman, “of which we have so far raised around Ps6.5 billion. We are working on some cross-border transactions for structured loans and mortgages, which will hopefully appear within the next six months. It is quite likely that we will look to issue in dollars again.”

He won’t go into more detail on the nature of the deals Metrofinanciera is considering but he clearly wants to expand his investor base as well as increase the size of his firm’s issuances.

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