Hindered by the loss of three buyers and beset with a nearly year-long string of bad luck, a $62.5 million MBS deal from Costa Rica's Banco Interfin and Banco San Jose - long slated to be the first mortgage deal out of the country - may lose that title to another MBS being prepared by Corporacin Banex, which has its own set of problems, sources say.

Of course, market participants for Latin American transactions always take the timing of deals with a grain of salt; to be sure, both MBS deals have been stalled for a long time, in part as a result of the Argentine crisis. However, the Banex transaction, led by JPMorgan and in its preliminary stages, may beat the Interfin/San Jose deal to the punch. "It's a viable deal and I think it will go forward," said one analyst.

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