A film critic with an odd side interest in Latin American securitizations might give this review to the second quarter: "Mexico was a tour-de-force, a pent-up pipeline in the cross-border failed to unravel, and the smaller domestic roles played by Chile and Brazil opened new asset and vehicle sub-plots." In all, a mixed bag.

The domestic currency market in Mexico pumped out US$675 million in securitized bonds, more than double the preceding quarter (see 2Q domestic record). No other domestic market came close. On top of that, new asset classes were broken in and the monoline wrap in pesos debuted.

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