Undeterred by dizzying market turbulence, Colombian banks are forging ahead with domestic securitization of commodities. Talk is circulating of a US$50 million-equivalent deal backed by future flows from oil company Hocol. Local investment bank Helm Investment Advisors has the mandate, which was initially in the hands of Citivalores, according to sources. Hocol is a unit of Saudia Arabia's Nimir Petroleum Company.

In a sure sign that issuers are avoiding cross-border trauma, the Hocol deal is heard to be entirely local and peso-denominated, even though the oil exporter likely pulls in significant revenue in dollars. "I don't smell any cross-border deals wafting around right now," said one Bogota-based source at an international bank.

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