Contents -- Acknowledgments -- Executive Summary -- Abbreviations -- Chapter 1 Investment Management of Defined Contribution Pension Funds and the Role of Structured Bonds -- The Issues -- What Determines Pension Fund Growth in Latin America? -- What Determines Pension Fund Asset Allocation? -- Interdependence of Defined Contribution Pension Systems and Domestic Capital Markets and the Momentum for Structured Finance -- The Way Forward -- Annex 1.1. The Enabling Role of Adequate Securitization Instruments -- Notes -- References -- Chapter 2 Structured Finance for Housing -- Housing and Housing Finance -- Motivations for Issuing Mortgage Securities -- Links to Broader Fixed-Income Markets-Repurchase Agreements and Mortgage-Related Securities -- Risks of Mortgage Securities -- Steps to Make Securitization Feasible -- Notes -- References -- Chapter 3 Structured Finance for Infrastructure -- Why Infrastructure Financing Has Dried Up -- Public-Private Partnerships for Infrastructure Financing -- The Capital Markets: An Alternative Source of Financing for Infrastructure? -- Pension Fund Regulation and Infrastructure Investments -- Further Mobilizing Private Capital -- The Way Forward -- Notes -- References -- Chapter 4 Structured Finance for SMEs -- SMEs in Latin American Economies and Their Limited Access to Finance -- Securitization to Enhance the Financing of SMEs -- Government Support for SME Loan Securitizations -- The Way Forward -- Annex 4.1. Factoring in Latin America -- Annex 4.2. Leasing in Latin America -- Annex 4.3. MFI Loan Securitization: Groundbreaking Transactions -- Notes -- References -- Appendix 1 Asset Securitization -- Appendix 2 Statistics on Financial Markets in Latin America and Selected Comparator Countries -- Boxes -- 1.1 Annuity providers' investment management.

1.2 The Life-Cycle Multiple Funds and the Development of Securities Markets -- 2.1 Defining Mortgage Bonds and Mortgage-Backed Securities -- 3.1 Infrastructure Bonds in Chile -- 3.2 IFC Local Currency Loan in Mexico -- 3.3 OPIC Liquidity Facility -- 3.4 Administración Nacional de Usinas y Transmisiones Eléctricas (UTE)-June 2005 Bond Issue -- 3.5 Sociedad Acueducto, Alcantarillado y Aseo de Barranquilla Local Currency Inflation-Indexed Bond Issue, May 20, 2003 -- 3.6 Bond Issues for Tlalnepantla Municipal Water Conservation Project and the Vía Atlixcáyotl Toll Road in Mexico -- 4.1 Financing SMEs through the Stock Market -- 4.2 Multi-Originator Securitizations -- 4.3 Securitization of Trade Receivables in Brazil-FIDC Zoomp -- 4.4 Securitization of Loans to SMEs in Mexico -- A4.1 Reverse Factoring -- A4.2 International Factoring -- Figures -- 1.1 Year of Reform and Size of Mandatory Defined-Contribution Pension Pillar in Latin American Countries, 2005 -- 1.2 Mandatory Defined-Contribution Pillar Effective Coverage, 2005 -- 1.3 Gross Real Returns on Investment, Historical and Last 12 Months -- 1.4 Asset Allocation of Pension Fund Assets, December 2005 -- 1.5 Participation of Pension Funds in Total Government Debt -- 1.6 Example of Investment Limits and Actual Use in Colombia, December 2005 -- 1.7 Annual Volume of Securitization in Latin America -- 1.8 Country Shares of Domestic Securitization in 2005 -- 1.9 Composition of Domestic Securitization by Asset Type, 2005 -- A1.1 Development of the Bond Market in Mexico through CBs -- A1.2 Growth of the FIDC Market in Brazil, 2002-05 -- A1.3 Number and Volume of FIDCs by Economic Sector of Originator, 2002-05 -- A1.4 Proportion of FIDCs by Maturity -- 3.1 Expected Annual Investment Needs in Infrastructure in Emerging Markets -- 3.2 Trends in Bonds Issued to Finance Infrastructure Projects.

3.3 Covenants on Infrastructure Bonds -- 4.1 Number of SMEs by Country, 2002 -- 4.2 Sources of Financing for Companies in Latin America -- A4.1 Factoring Turnover in Latin America -- A4.2 Overview of Worldwide Leasing Activities -- A4.3 Comparison of Leasing Volume to GDP Worldwide -- A4.4 Leasing as a Means of Financing Working Capital and Expansion, by Size of Business, 2003 and 2004 -- A4.5 Ratio of Leasing to Total Investments, by Size of Business -- App. 1.1 A Typical Asset Securitization Transaction -- Tables -- 1.1 Snapshot of Some Investment Limits by Asset Class in Latin American Countries with Mandatory Defined Contribution Pension Systems -- 1.2 Selected Regulations with a Potential Impact on Investment Decisions in Private Pension Funds -- 1.3 Design of Minimum Return Guarantee in Selected Countries -- 3.1 Typical Risk Allocation among Project Participants -- 3.2 Total Investment Portfolios of Latin American Pension Funds -- 3.3 Breakdown of Pension Fund Investment Portfolios in Latin America -- 4.1 Securitizations of SME-Related Assets in Latin America, 2004-05 -- 4.2 Differences between Securitizations of Trade Receivables and Leasing Contracts -- A.1 Deposit Money Bank Credit to the Private Sector -- A.2 Government Debt Securities Outstanding -- A.3 Market Capitalization -- A.4 Shares Traded -- A.5 Pension Fund Assets -- A.6 Insurance Assets -- A.7 Factoring Volume -- A.8 Leasing Assets -- A.9 Mutual Fund Assets -- A.10 Getting Credit.