Mexico's BBVA Bancomer apparently closed a US$300 million, seven-year deal just days before its Spanish parent company Banco Bilbao Vizcaya Argentaria formally bid on the 40% of the bank it doesn't own. Many players were skeptical that Bancomer would return to tap its credit card program following the last deal in April 1999.

After the highly rated parent reached 60% of its unit in July 2000, the common wisdom was that funding was now cheapest from the other side of the Atlantic. With the Spanish bank pushing for full control four years later, funding in U.S. dollars via securitization becomes even more intriguing.

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