Seduced by the strong growth and rich opportunities of domestic ABS in Mexico and Brazil, many players have waved off Argentina. But judging by the flush pipeline, they may want to reconsider. And it's not only about quantity as the country starts edging beyond export and consumer deals, and new originators and arrangers hustle to sop up growing liquidity.
To anyone watching the energy crisis plaguing Argentina it may come as a surprise that three units of U.S. electricity giant AES Corporation have a joint ABS in the works. And there may be more to come from power producers, according to a source familiar with the Ps45 million (US$16 million) deal. In terms of length, the transaction is an eyebrow-raiser as well. With a duration of 16 to 18 months, it would rank among the longest deals post-default.