Surety provider MBIA seems to have quite an appetite for Mexico. After introducing the monoline guaranty into the peso market just over a year and half ago, the guarantor is now on its third domestic transaction. And that doesn't count its surety on what appears to be the only cross-border securitization to come out of Mexico in the last year: a $300 million, seven-year credit card-backed deal originated by BBVA Bancomer (see ASR 2/9/04).

Meanwhile, Ambac and XLCA have yet to guaranty a domestic Mexican transaction, though their participation seems to be only a matter of time. "We like Mexico and are currently looking at several infrastructure transactions there," said Wynne Morriss, senior managing director at XL. Ambac has indicated that it is also on the prowl south of the Rio Grande, though it is reportedly leaning towards real estate-related deals.

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