BBVA Colombia has a consumer loan transaction in the works that's the first of its kind in the country. The only deals that have been done in the vicinity of this asset class is a securitization of payroll-deducted loans two years ago and a credit card transaction about ten years ago, according to a Bogota analyst familiar with the sector.

The deal's been delayed due to market conditions but is expected in the first half of this year, a market source said. Tightening monetary policy and new securities rules dampened bond activity in the Colombian debt market in 2007, according to a recent report from Fitch Ratings.

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