It's been a familiar story across all debt markets over the last two years - amid heavy bank consolidation and a global economic slowdown, bankers have had to adjust their resources accordingly and prioritize where they look for mandates. Nowhere has this been truer than in the Latin American structured markets.

In 2001 there were fewer large investment banks with their toes dipped in the LatAm securitization markets than ever before, sources say. Moreover, the number of human resources allocated to the sector within each bank diminished considerably compared to three years ago. "Basically, in times where they have to eliminate jobs, Latin American structured finance is not a core area of business," said one rating agency analyst.

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