Brazil's domestic securitization market plowed on in 2006, with total issuance hitting R$11.9 billion ($5.6 billion), according to data provided by Uqbar, a local consultancy specializing in the securitization business. The three main rating agencies had substantially different figures from Uqbar and among themselves - a testament to the difficulties in tracking volumes in a burgeoning market where the most popular vehicle, the receivable investment fund (FIDC), can take months to sell all its shares. The consultancy put annual growth at slightly under 5%, but the figure was exponentially higher at the agencies.

All the same, some things were clear: new originators, new assets, and foreign investors made the domestic market a more interesting place. The largest asset categories in 2006 were trade receivables, which made up 26% of volume; auto loans, at 19%; public sector assets, at 15%; and payroll deducted loans, at 12%, according to Uqbar.

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