Brazil is one of the brighter spots in global ABS, a different world from the regulatory anxieties, debt overhang and slower origination plaguing other countries.

On the face of it, it is a poor climate for distressed-debt players. And there are other, more deeply seated reasons why this field is small in Brazil in the first place: protracted bankruptcy proceedings, pro-debtor bias in courts in recovery efforts, sellers loath to dump their bad assets and a flimsy secondary market, among others.

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