Chile's ABN AMRO Securitizadora placed a US$9.6 million-equivalent, 21-year securitization on September 5. Totaling 349,000 inflation-indexed units (UF), the deal's senior tranches priced at 6.2%, a tad tighter than expectations. The subordinated piece, worth 70,000 UF, yielded 7.5%. "The market was very liquid," said a source close to the transaction. The small size of the deal helped make it especially palatable. The bulk went to insurance companies.
Standard & Poor's affiliate Feller Rate and Moody's affiliate Humphreys rated the bond double AA' on the national scale. Backing the paper are 381 housing lease contracts originated by BBVA Sociedad de Leasing Inmobiliario BHIF, which will continue to administer the contracts. The master servicer on the deal is ACFIN, a local entity specialized in managing portfolios.
A few more details have surfaced on a monumental deal backed by credit cards issued by department store Ripley (See ASR 8/26). Structured by BCI Securitizadora, the 3.5-year bond is split into a Ps40.5 billion (US$56.6 million) senior tranche and a Ps25.5 billion (US$35.6 million) subordinated piece. A 6.5% coupon has been assigned to the senior portion. Regulators are now looking at the deal, but approval is expected to take a while, given the novelty of the structure for the domestic market.