BBVA Unit Issues First '09 Mortgage Bond

Mexico's largest bank, BBVA Bancomer, has gone to market with the country's first issuance of mortgage bonds by a private-sector lender this year, for $456.4 million, in a sign of easing risk aversion.

In a press release late Wednesday, the government mortgage development bank, Sociedad Hipotecaria Federal, which guarantees mortgage bond issuances, said the securities were sold in three series with local AAA ratings.

BBVA Bancomer, a unit of Banco Bilbao Vizcaya Argentaria SA of Spain, is Mexico's largest private-sector mortgage lender.

Sociedad Hipotecaria Federal said it expects the market for mortgage bonds to reactivate after an eight-month gap since the last issuance in December.

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