Some remarkable things took place in Latin America's cross-border market in 2006: Auto loans from the region debuted, Argentina returned with onshore assets, and Jamaica, considered part of the region, minted its first deal backed by diversified payment rights (DPRs). But, at least in the public market, the hefty volumes once fueled by Brazilian originators remained a memory.

The expansive liquidity and unsecured options that have kept a number of formerly tried-and-true originators away from the market worked to the advantage of greenhorns and transactions with ratings that were atypically low for the structured realm. While not captured in ASR's securitization table, a few innovative infrastructure deals from Peru and the Dominican Republic made it through with double-B and single-B ratings.

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