Those driven mad by a cow securitization program in Colombia might soon regain their sanity. The 20th and last series, sized at about Ps6 billion (US$2.2 million), is likely to pay out in full in a couple of months despite severe trauma, according to sources.

What's more, lead investment bank Commodities y Banca de Inversion (CBI) has set next month to launch a new cattle-head program with features designed to correct problems with the first, including roving devices to track poached collateral. The upcoming transactions will also have a different trustee and operator, the latter role akin to a servicer. "We've developed an entire new deal with fundamental changes," said Jorge Munoz, the president of CBI.

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