MIAMI - No discussion of flourishing local currency issuance in Latin America would be complete without the much-ballyhooed FIDCs, the vehicle of choice for non real-estate securitizations in Brazil. Booming over the last few years, issuance of FIDCs is projected to reach R$ 22 billion ($10 billion) this year, said Banco do Brasil Managing Director Ricardo Paranhos, speaking at Euromoney's Securitization in Latin America Summit last week.

Now, players say, foreign investors should start taking the product more seriously, especially since the Brazilian government's issuance of reais-denominated paper offshore has generated a curve. "Foreign investors are starting to look at FIDCs but so far the market is concentrated in local investors," said Marcelo Botter, a superintendent at Banco Itau.

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