Even though the cross-border market is bracing for a sizable deal from Gazprom (see p.1), issuance has slowed a bit from June. So far this quarter, a single Emerging Market deal has priced. Earlier this month, Banco Itau issued a US$105 million, seven-year transaction backed by diversified payment rights via Merill Lynch.

The transaction came off an existing program. As such, it echoed previous DPR deals from Itau, except that this time flows through recently acquired Banco BBA were folded into the structure.

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