Finally, a cross-border Latin deal that is not Brazilian. Following a rash of future flows transactions from the region's largest country, El Salvador produced a US$125 million bond backed by diversified payment rights (DPR). Led by Citigroup Capital Markets, the transaction from Banco Cuscatlan was dropped into one of the arranger's conduits, sources said. The legal final maturity was seven years. The paper has been priced at a spread to Libor.

This is the second time the bank tapped the market with this asset class, but in this instance it brought Guatemalan and Costa Rican units and U.S. unit Corfinge on board, making it the first multi-jurisdictional deal in the DPR segment, according to one source. "Guatemala and Costa Rica represent a very small part of the deal, but they are expected to grow," said a source on the transaction.

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