The trend shift of Latin American securitization activity from international issuance to Brazil and Mexico's local markets was amplified in the first quarter when only one originator dropped into the cross-border market. The ramp-up in Mexico was particularly impressive, with six issues in March alone.

In the cross-border arena, Mexico's BBVA Bancomer stood starkly alone. What's more, its US$300 million credit-card deal didn't even go to the public market. Lead Harris Nesbitt was understood to have dropped the bond into one of the arranger's conduits.

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