Since 1996, Mexican banks Banco Nacional de Mexico S.A. (Banamex) and Bancomer S.A have placed credit card securitizations worth over $1 billion in the international markets.

"The securitization of credit card vouchers has proved very valuable for us as a way to access long-term capital with an investment-grade cost," said Luis Hernandez, vice-president of structured finance at Banamex. "It has been especially effective because we were able to pierce Mexico's below-investment grade sovereign ceiling."

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