Chadbourne represents FOVISSSTE on placing of mortgage loan portfolio securitisation

Chadbourne & Parke has represented Fondo de la Vivienda del Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (FOVISSSTE) in the successful placement of its 15th mortgage loan portfolio securitisation, known as TFOVIS and worth approximately $573m — the largest RMBS ever done in the Mexican market.

The settlement of the issuance on the Mexican Stock Exchange (BMV) took place on 9 May 2013 and was rated ‘AAA’ by Standard and Poor’s and Fitch Ratings.

Chadbourne Mexico City partner Alejandro Landa and associates José Carrillo and Carla García represented FOVISSSTE.

The underwriters were HSBC, BBVA Bancomer, Actinver and Banorte Ixe.