Tougher financing conditions, coupled with doubts over the return of looser credit, are drawing the leading Brazilian banks back to structured finance.

Over the past couple of weeks, Banco do Brasil (BdB), Unibanco and Banco Santander's Brazilian unit have tapped their diversified payment rights (DPRs). These come on top of the DPR deals that BdB and Banco Bradesco executed in March. The frequency of issuance in a two-month span from these erstwhile engines of emerging-market ABS is unlike any the market has witnessed since 2004.

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