Originators, including banks and fintechs, can securitize assets with predictable cash flows. Public offerings typically allow broad investor participation, while private offerings are limited to sophisticated investors. Public-sector receivables require careful risk analysis.
Originators
No statutory provision in Mexico explicitly restricts the types of entities that may serve as originators in securitisation transactions. Originators can range from banks, non-bank financial institutions and corporates, to fintech platforms and other asset-rich businesses.
Receivables
Mexican law does not prescribe a closed list of assets eligible for securitisation. Generally, any receivable or asset generating a predictable cash flow can be securitised, provided it can be validly assigned and isolated within a dedicated vehicle (commonly a Mexican trust). Traditional securitisations frequently involve mortgage loans, consumer credits (credit card, auto and personal loans), trade receivables, leases and infrastructure-related cash flows (eg, toll roads and airports). In recent years, the market has seen a shift towards more sophisticated structures, including securitisations of future flows (such as sales receivables, export proceeds, royalties and remittances), fintech-originated Assets and other innovative collateral types
Mexico’s securitisation market increasingly embraces fintech-originated and other innovative collateral types of fintech platforms – specialising in online lending, digital payments, buynow-pay-later arrangements and other tech-driven financing solutions – are steadily contributing to the pool of securitisable assets. These receivables often come with advanced data analytics, stronger borrower profiling and digital servicing capabilities that can enhance transparency and facilitate performance monitoring.
Investors
In a standard public securitisation offering, there are generally no restrictions on the classes of investors eligible to participate, allowing both retail and institutional investors to acquire the securities under equal terms. However, in certain restricted public offerings, issuers may limit participation to qualified or institutional investors in order to comply with specific regulatory or investor-protection measures. By contrast, private securitisations do not undergo public registration and rely on statutory exemptions. As a result, participation is typically confined to sophisticated or institutional investors capable of conducting their own due diligence and bearing the associated risks.
Custodians/servicers
Securities depository services and securities settlement services of debt instruments issued by banks or corporations, as well as equities, warrants, certificates and other documents that are registered in the national securities registry, are provided by the S.D. Indeval. The S.D. Indeval is an authorised central securities depositary responsible for the physical safekeeping of securities.
With respect to the securitised assets themselves, these are generally held in trust for the benefit of investors. The day-to-day management and servicing of the underlying asset pool may be conducted by the originator, a specialised servicing entity, or a portfolio administrator appointed under a servicing and management agreement. Such servicers are responsible for activities including asset collection, reconciliations, and distribution of cash flows to the trust, as well as ongoing monitoring and reporting on asset performance.
Public-sector involvement
Yes. When securitising receivables with a public-sector element – such as government contracts, concession fees or other state-related cash flows – issuers and investors must pay special attention to sovereign immunity, political and economic risks and any sector-specific regulatory frameworks. Governmental entities may enjoy legal protections or privileges not found in commercial receivables, and their obligations could be subject to changes in law, fiscal policy shifts, budgetary constraints or political events.
These risks need to be carefully analysed and mitigated through credit enhancements, robust structuring and conservative assumptions in the cash flow modelling. Investors typically rely on thorough legal and credit due diligence, which may include confirming the enforceability of claims against the public-sector obligor, evaluating the stability of the underlying regulatory regime and assessing the likelihood of timely and full payment of the securitised receivables.
Originators
No statutory provision in Mexico explicitly restricts the types of entities that may serve as originators in securitisation transactions. Originators can range from banks, non-bank financial institutions and corporates, to fintech platforms and other asset-rich businesses.
Receivables
Mexican law does not prescribe a closed list of assets eligible for securitisation. Generally, any receivable or asset generating a predictable cash flow can be securitised, provided it can be validly assigned and isolated within a dedicated vehicle (commonly a Mexican trust). Traditional securitisations frequently involve mortgage loans, consumer credits (credit card, auto and personal loans), trade receivables, leases and infrastructure-related cash flows (eg, toll roads and airports). In recent years, the market has seen a shift towards more sophisticated structures, including securitisations of future flows (such as sales receivables, export proceeds, royalties and remittances), fintech-originated Assets and other innovative collateral types
Mexico’s securitisation market increasingly embraces fintech-originated and other innovative collateral types of fintech platforms – specialising in online lending, digital payments, buynow-pay-later arrangements and other tech-driven financing solutions – are steadily contributing to the pool of securitisable assets. These receivables often come with advanced data analytics, stronger borrower profiling and digital servicing capabilities that can enhance transparency and facilitate performance monitoring.
Investors
In a standard public securitisation offering, there are generally no restrictions on the classes of investors eligible to participate, allowing both retail and institutional investors to acquire the securities under equal terms. However, in certain restricted public offerings, issuers may limit participation to qualified or institutional investors in order to comply with specific regulatory or investor-protection measures. By contrast, private securitisations do not undergo public registration and rely on statutory exemptions. As a result, participation is typically confined to sophisticated or institutional investors capable of conducting their own due diligence and bearing the associated risks.
Custodians/servicers
Securities depository services and securities settlement services of debt instruments issued by banks or corporations, as well as equities, warrants, certificates and other documents that are registered in the national securities registry, are provided by the S.D. Indeval. The S.D. Indeval is an authorised central securities depositary responsible for the physical safekeeping of securities.
With respect to the securitised assets themselves, these are generally held in trust for the benefit of investors. The day-to-day management and servicing of the underlying asset pool may be conducted by the originator, a specialised servicing entity, or a portfolio administrator appointed under a servicing and management agreement. Such servicers are responsible for activities including asset collection, reconciliations, and distribution of cash flows to the trust, as well as ongoing monitoring and reporting on asset performance.
Public-sector involvement
Yes. When securitising receivables with a public-sector element – such as government contracts, concession fees or other state-related cash flows – issuers and investors must pay special attention to sovereign immunity, political and economic risks and any sector-specific regulatory frameworks. Governmental entities may enjoy legal protections or privileges not found in commercial receivables, and their obligations could be subject to changes in law, fiscal policy shifts, budgetary constraints or political events.
These risks need to be carefully analysed and mitigated through credit enhancements, robust structuring and conservative assumptions in the cash flow modelling. Investors typically rely on thorough legal and credit due diligence, which may include confirming the enforceability of claims against the public-sector obligor, evaluating the stability of the underlying regulatory regime and assessing the likelihood of timely and full payment of the securitised receivables.
