While a recent toll road transaction that came out of Panama earned cheap financing for originator ICA Panama, sources don't expect peers in the region to rush into the global markets. "Mexican toll roads are always exploring [the cross-border] option, but the problem is the currency mismatch," said one Mexico City-based analyst. The Panamanian deals underlying flows are in greenbacks, as the country's economy is effectively dollarized.

The bulk of toll road deals that have emerged in Latin America in the past several years have come from Chile and Mexico. All of those have been domestic, given the local-currency denomination of the flows and growing liquidity of local investors. Originators in these markets are not expected to be tempted abroad anytime soon.

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