Bounding onto the Latin American playing field, Wachovia Securities has won a mandate from El Salvador's Banco Agricola for a deal backed by diversified payment rights (DPRs), according to sources. One of the pillar asset classes supporting the cross-border market, DPRs refer to electronic money transfers for flows such as worker remittances and payments linked to trade and foreign investment. The bankers building the transaction hopped over from Banc of America Securities after the latter bank withdrew from the Southern Cone and narrowed its focus in other parts of the region, according to sources.
Leading the effort is Jerome Festa, who was a managing director and head of Latin American securitization at BofA, according to a source. In a mid-summer press release, Wachovia announced that Festa, along with Nicole Mallette Freeman and Kristy Cannaday, were hired to form a new International Future Flow Group.