Mexico provided plenty of news last week to fill the lull in emerging markets chatter occasioned by the ASF conference in Las Vegas.

Apart from action on the mortgage front, MBIA has been working on a conduit program registered with local regulators. The vehicle in broad terms is understood to resemble the Meridian Funding Company, which is designed to issue medium-term notes backed by a variety of instruments. They include investment-grade ABS, secured and unsecured corporate obligations as well as sovereign obligations and interests in pools of consumer and corporate receivables, according to a report by Standard & Poor's.

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