With its first Latin American deal in the market and several other transactions in the pipeline, the Overseas Private Investment Corporation's (Opic) new political risk insurance is taking Latin America by storm.

Designed to protect emerging market transactions against the risks of transfer and convertibility (ASRI 8/9/99), political insurance such as Opic's is seen by many as an effective way to pierce the sovereign ceiling. So much so, that many companies are now pitching deals to investors without an asset-backed component, relying solely on insurance provided by Opic.

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