At the close of 2002, receivables investment funds in Brazil were no more than a gleam in the eyes of bankers and analysts. Hopeful that the vehicle's tax perks would draw originators, players for months preached the virtues of the so-called FIDCs in vain. The climate simply wasn't right. But one year later, the converts are coming in droves.

Shortly after ASR went to press, petrochemical leader Braskem was expected to launch the first half of a R$200 million (US$68 million) program via the FIDC vehicle. Banco Santander and Banco Itau are joint leads.

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