The collateralization of Brazilian personal loans, a locus of growth for securitization in the country, slowed down in the first half of the year from the second half of 2006. But the current market circumstances, should they linger, could liven things up.

"The current liquidity issues facing the global financial markets could stimulate demand for less risky and more secured assets, which could encourage new personal loan issuances through the second half of 2007," said Standard & Poor's in a report on the sector.

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