Between the networking and socializing, the 3rd Annual Latin American Securitization Summit offered some hints of action to come. Focusing on the domestic markets, the International Finance Corp. (IFC) aims to add three people to the six currently on its emerging market securitization team. “We probably have three or four deals closing in a month before fiscal year-end,” said Lee Meddin, head of structured finance at the multilateral. Apart from the first Latin American NPL deal, the IFC is working on a guaranty for a deal backed by healthcare receipts, which would resemble a tuition-backed transaction that closed last year for Chilean university Diego Portales. Healthcare receipts “can be very good because they’re often insured,” Meddin said. A municipal deal with echoes of a 2003 deal for Mexico’s Tlalnepantla – but in another emerging market – is also in the pipeline.
In Mexico, Elektra CFO Esteban Galindez said the retail conglomerate might eventually securitize the dollar-denominated commissions on electronic money transfers that one of its units handles between the U.S. and Mexico. This would look something like a domestic peso transaction closed earlier this year for Intra Mexicana, except that cross-border investors would be the natural audience due to the denomination of the assets.
Over in Brazil, Rabobank was heard to have won mandates to execute a receivables investment fund (FIDC) for Amanco and local wholesaler Martins, each sized at R$100 million (US$31 million). The bank closed a few FIDCs last year and was rumored to have kept all of them on their books.
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