From its inception less than a decade ago, the securitization market in Latin America has been shaped by a distinct combination of characteristics associated with the countries in the region: low levels of financial intermediation and a lack of local corporate bond markets; highly regulated environments; and, most important and on the average, lower sovereign ratings than those of European and Asian countries.

Given these factors, structures were developed to mitigate the most prevalent risk in the region: sovereign risk. As a result, securitization in the international capital markets emerged as an interesting source of financing for large corporations in the region.

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