Argentina is certainly taking advantage of the "open window" to bring deals to market that were in the pipeline before year-end 2000. Banco de Credito y Securitizationes (BACS), a subsidiary of Banco Hipotecario Nacional (BHN) and the International Finance Corp. (IFC), will issue a deal similar to BHN's four previous MBS transactions, to the tune of $95 million.

To attract an array of investors, the deal will consist of two issuances, a fixed-rate and a floating rate. The fixed-rate tranche will total $65 million and will have a 10-year final maturity bond. The spread is 424/T, which is an impressively low 8.99% of the coupon.

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