Mexican white goods producer, Controladora Mabe, S.A. de C.V., which is 48% owned by General Electric of the U.S., sent investors a red herring recently 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 targeting the private market's investor base.

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