Peru saw the launch of the country's first asset-backed program in December, when Ferreyros S.A., an independent distributor of Caterpillar equipment and trucks, tapped the local market the first issuance from its recently structured $45 million securitization program, Ferreyros PFF 1998-01.

The program was structured by Citibank Peru, which also arranged the inaugural $15 million issue.

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