Stuck in flat-line mode since the first round of presidential elections in early October, Brazil's securitization market could show signs of life next month. That's when Hampton Solfise aims to issue a R$136 million (US$37.2 million) investment fund backed by consumer loan receivables.

"It's going at full steam in terms of distribution," said Patricia Bentes, managing director of Hampton, a consulting firm specializing in securitizations. Named "FMAX" after originator and servicer Maxima Financeira, the paper would mark the birth of the receivable investment-fund vehicle in Brazil, known locally as FIDCs.

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