Though it has long been a model of economic growth and stability, Chile has been slow to approach the securitization market. But that may be set to change thanks to a recent liberalization of the previously highly restrictive 1994 securities law (Law 18.045).

Until the recent amendments, which were passed by Chile's Congress in mid-August, the law limited securitizable assets to those with "title" interpreted to include only mortgages and mortgage bonds, according to sources in Santiago and New York. After the amendments it is now possible to securitize credit cards, telecommunications receivables, leases, car loans and infrastructure concessions.

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