Mexican bank Banco Nacional de Mexico (Banamex) and Peruvian bank Banco del Credito del Peru (BCP), both issuers of credit card securitizations are now looking into a new asset class: trade payments. Though Turkish banks such as Garanti Bank and Teximbank began issuing trade payment securitizations last year, BCP and Banamex would be the first Latin banks to structure deals backed by these assets.

"Both banks are running out of credit card receivables to securitize," explained a source working on the deal. "So they are looking into other assets on their books, such as trade payments."

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