Mexico's financial markets appear to have fully recovered from a bout of political jitters occasioned by contentious June elections. Not only is the pipeline humming with transactions, but at least two of them have novel features.

One deal, originated by Arrendora Financiera Navistar (AFN) and Servicios Financieros Navistar (SFN), looks set to be the first cross-border securitization of vehicle leases and loans from the country. Led by Merrill Lynch, the deal totals $118 million in two tranches, both with a final legal maturity of 7.5 years. Standard & Poor's rated $100 million in A notes A' and $18.75 million in B notes BBB-'.

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