Compared to the billions of euros implicated in the Parmalat scandal and the untold losses already suffered by investors, a R$130 million (US$46 million) securitization in Brazil might seem inconsequential. But to some financial players in Sao Paulo, this deal's impact on the fate of a new vehicle, the receivables investment fund (FIDC), was the real story, and not its negligible place within the imploding world of Parmalat debt.

"It was a test for the structure," said one Sao Paulo-based banker.

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