Calyon Securities has secured its first mandate in Latin American future flows, according to sources. The newcomer is leading a DPR deal for Brazil's Banco Itau. The projected size of the deal will be between $200 million and $500 million. Itau's last structured transaction was a $105 million, seven-year DPR issued in July 2003. Fitch Ratings and Standard & Poor's rated that deal triple-B, while Moody's Investors Service gave it a Baa1.' Merrill Lynch acted as lead.

Meanwhile, this year could produce a first out of Guatemala. Banco Industrial, the country's largest bank, has handed a mandate to Wachovia Securities for a transaction backed by DPRs, according to well-placed sources. Details have apparently not been worked out yet.

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