In what is being called a first for Brazilian future flows, American International Group (AIG) reportedly provided a cross-currency and interest rate swap to a yen transaction for Unibanco. Underwritten by Nomura Securities, the 25 billion (US$229 million) bond was backed by dollar-denominated diversified payment rights (DPRs). While neither Moody's Investors Service, Standard & Poor's nor FitchRatings named the swap provider in their reports, all cited the AAA'-rated counterparty of the swap as key to the transaction's creditworthiness. The agencies rated the deal Baa1', BBB-', and BBB', respectively.

But AIG was not the only one in on the swap action. Sources said Nomura is acting as a backstop guarantor for the swap and that its exposure is, in turn, backed by the International Finance Corporation, a AAA' rated entity. "There are three parties here," said a source close to the deal.

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