In the past several weeks, two Latin American issuers have hit the market with letter of credit-backed CP programs.

Banco Continental de Panama floated a US$140 million program in a single issue during early June. Structured by Hypo-und-Vereinsbank, the transaction went to nearly 20 banks, according to a source familiar with the deal. The New York branch of Credit Lyonnais provided a letter of credit, garnering the program a P-1 from Moody's Investors Service. The deal renewed an existing facility.

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