Jamaica, Panama, the Dominican Republic, Ecuador and Brazil - if it wasn't obvious before, it is now - securitization is catching on. All five of these countries, rather rare issuers, are in the market with transactions that are expected to be privately placed.

National Commercial Bank (NCB), the largest bank of Jamaica, will launch a strong credit card receivables deal of at least $100 million next month. The deal will be led by Citibank, and XL Capital Assurance has won the mandate to wrap the one-tranche transaction. With XL's triple-A rating from S&P and Fitch, sources say the deal will pierce the sovereign ceiling with the same rating as XL. This deal will mark the second issuance from NCB, as it brought a much smaller credit card deal to market a few years ago.

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