Brazil's 2001 securitization schedule is well under way with a much-anticipated roll out of a secondary mortgage market. After establishing new regulatory tactics, the country has finally seen its first mortgage-backed securities deal, with two more to follow on its heels this week and three more in the pipeline.

Brazilian Securities Series 2001-1 totaled $2.08 million. The class A notes, for roughly $1.8 million, were given a national scale rating of Aa1.br by Moody's Investors Service, and the much smaller B-class and the certificates were not rated.

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