Obeying the rhythms of the Southern Hemisphere, Brazil's domestic ABS market has been bustling, while cross-border issuance from the country has fallen victim to the dead calm that typically preys on Europe and the U.S. in August.

For the locals, the receivables investment fund (FIDC) - a marriage of investment fund and traditional SPE - remains the vehicle of choice, favored mostly for its tax perks. Up ahead in the FIDC

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