Mexico dances to a different tune

For nearly a year, structured finance has been suffering from a crisis of confidence. US investment banks have taken hits totalling over $100 billion thanks to poor bets on the mortgage-backed bond markets, with casualties numbering even Bear Stearns, the fifth largest bank in the US. With the US Treasury obliged to clean up the mess, and issuance down 75% in the first quarter of the year, it seemed as if the securitisation party was over for everyone.

But move a few miles south of California - w