The cross-border Latin American market witnessed the close of one deal last week, a $100 million, seven-year securitization of diversified payment rights by El Salvador's Banco Cuscatlan. Sole lead Citigroup Global Markets was understood to have dropped the deal into a conduit and pricing details were unavailable at press time.

Wrapped by Ambac, the deal earned triple-A ratings from Fitch Ratings and Standard & Poor's. The transaction breaks new ground by pulling additional countries into a structure that introduced the multi-jurisdictional DPR deal in September 2003. For the first time Cuscatlan units in Panama and Honduras are contributing their DPRs to a transaction, joining their counterparts in Costa Rica and Guatemala, and, of course, the host country of El Salvador, which still accounts for 70% of total flows.

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