During the first half of 2006, the Mexican securitization market justified the confidence it has inspired among emerging market players. While it took a couple of months to get started, Mexico's domestic ABS and MBS arenas cranked out Ps30.5 billion ($2.8 billion) from a total of 16 issuers (see table, p.25). The presidential elections of July 2 closed the window of issuance only for the longest-term deals and only a couple of weeks prior to the ballot. In fact, the week leading up the vote, three deals came out for the local currency equivalent of $532 million.

A total of 12 investment banks and financial consultancies led transactions in the period from January through June. Foreign arrangers kept busy, with names like HSBC, BBVA Bancomer, Citigroup unit Acciones y Valores, and Credit Suisse bringing deals.

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