Brazil's Unio de Bancos Brasileiros SA, (Unibanco) and The Republic of Panama's Primer Banco del Istmo SA are continuing to tap the conduit market with the launch of letter-of-credit backed programs - arguably not true securitizations, though many market participants agree that they are currently the preferred mechanism for issuance.

Unibanco has launched a $175 million commercial paper program backed by a letter of credit from HSBC Bank. Moody's Investors Service has assigned a Prime-1 rating to the program, reflecting HSBC USA's Prime-1 rating.

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