The structured deals best shielded from the meltdown in Argentina have been future flow export-backed transactions, according to a recent report by Standard & Poor's. The agency rates four global deals backed by oil exports of YPF Sociedad Anomina. They are: YPF Sociedad Anonima (SPE) 7.5% structured export notes; YPF Sociedad Anomina (SPE) 7.0% medium-term notes; Oil Enterprises Ltd. 6.239% notes; and Oil Trading Corp. 6.467% notes. Last April, S&P took the first two off CreditWatch and affirmed their BB+ rating, three notches higher than YPF's rating.

Helping insulate the SPEs are the fact that they have been granted exclusions from repatriation requirements affecting other Argentine issuers trapped in the crisis. In addition, oil shipments to Chilean government oil company Empresa Nacional de Petroleo (ENAP) - also backing the deals have been made on time. The Oil Enterprises and Oil Trading Corp. bonds enjoy a wrap by MBIA Insurance Corp. and Capital Markets Assurance Corp., respectively. "The insurer will make payments to investors if the company is unable to export or must repatriate the export proceeds due to government restrictions," S&P said in a report.

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