Mexican white-goods producer, Controladora Mabe SA de CV, which is 48% owned by General Electric Co., recently sent investors a red herring to market its $150 million five-year average, seven-year final, future-flow securitization in the traditional private placement market.

It is fitting that one of the last corporate issues of 1999, a year in which only the most carefully crafted of emerging markets transactions have passed muster, is employing a future flow structure and is targeting the private market's investor base, sources said.

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