Mexico plowed forward in June, with about Ps11.2 billion ($1.09 billion) in structured finance issuance, as measured by local shop IXE. That was only a 6% drop from the Ps11.9 billion placed in the same month last year, a clear sign that activity hasn't been severely crimped by retreating liquidity.

So far this year, the most active sub-sector in Mexico's domestic securitization market consists of deals backed by existing assets, including mortgages. Of the 78 outstanding RMBS in the market, 29 were issued in the past year. Still, suffering from the credit crunch and issues endemic to Mexico's housing sector, the pace of issuance appears to forecast little or no growth in issuance this year.

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