Thanks to the reinstatement of tax incentives for equipment investment in Colombia, leasing in the industry has been growing by leaps and bounds. Lessors have yet to securitize their portfolios, but the fast-paced expansion bodes well for that option in the future, according to Rafael Castillo-Triana, a principal at the Alta Group, a consultancy specializing in the leasing business worldwide.

"Once they reach the threshold of their own funding capacity, they'll start securitizing their portfolios," he said. Equipment leasing volume has been swelling at a clip of 40% annually, according to Colombian business magazine Dinero. As of December 2003, Suleasing, the country's largest leasing company, had a portfolio of roughly Ps155 billion (US$57 million) in machinery equipment leasing and Ps56 billion (US$21 million) in computer leasing, said a company sales representative. Suleasing has a market share of slightly below 30% in Colombia's entire leasing business.

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