States and municipalities in Mexico tripled their volume of securitization issuance in 2003 from 2002, to Ps8.1 billion (US$739 million) (see table, p. 21). Activity will creep higher this year, though its pace is unlikely to hold, sources said. More interestingly, sub-sovereign issuers are expected to link up in multi-originator deals and spread out into new assets.

"We might see [issuers] come together in pools," said Boris Otto, a partner at the Mexico office of Thacher Proffitt & Wood. "It will be a very interesting year."

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