Argentina is taking advantage of the positive fallout following the recent interest-rate cut in the U.S. by the Federal Reserve, by coming to market with deals that were scheduled to close by the end of 2000. However, the country is still showing signs of trouble with the recent downgrade of five ABS transactions from Standard & Poor's Ratings Services.

IRSA's Tarjeta Shopping is expected to come to market with a $15 million domestic credit card-receivables deal led by HSBC next week. The credit card was created nearly four years ago in order to provide a source of financing for customers. This transaction marks the second of its kind for the company, following a similar deal that closed last year, which also totaled $15 million.

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