In Brazil, the domestic securitization industry has always been a poor sister to the cross-border, a sad case of unmet potential. A regulatory straightjacket on specialized structurers, hefty taxes and little standardization in key assets have all crippled growth. Add cutthroat competition over the last few years from yieldy treasurys and it is no small wonder deals have broken through at all. But positive changes are afoot and while some smack vaguely of jeitinho (cheeky Brazilian slang for getting around rules), they are sure to animate the languid giant.

Poor foundation

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