While a squadron of structured bankers from the U.S. and Europe invade Brazil and Mexico, Chile, as usual, sits quietly beyond the horizon. For the troops, domestic volumes are not big enough to get pulses racing, and cross-border opportunities have vanished.

Guarantors, however, like the comforts of the domestic market. "Chile is at the top of the list in terms of appetite and rating," said Gabriel Torres, a director at XL Capital Assurance, speaking at the Securitization in Latin America Summit, held earlier this month by Euromoney and LatinFinance (see ASR 7/14, p. 1).

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