Improved market conditions in Argentina since the beginning of the year enabled IRSA, a company generally involved with real estate projects, to come to market early last week with a $14 million securitization of credit card receivables.

Market volatility and political unrest delayed the close of this transaction. Unlike many of IRSA's projects, this deal involves one of it's financial subsidiaries, Tarjeta Shopping, a credit card it created nearly four years ago to provide a source of financing for the customers of the Argentine malls that it owns.

Tarjeta Shopping II was led by HSBC and marks the second of its kind (ASR 1/15/01 p.17). The coupon was 12% with a two year maturity.

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