Cross-border perks up Mexicans run for cover
All of Latin America succumbed to the anticipated onset of the tight money cycle in the U.S. during the second quarter. But responses from securitization markets in the region ran the gamut. While higher interest rates only seemed to encourage originators to tap cross-border investors, issuance in Mexico's domestic market crashed. Further south, Brazil slowed down, but Argentina was unfazed, as domestic rates were already negligible. Colombia and Chile didn't make much noise, except for Latin America's first non-performing loan (NPL) deal from the former.