Garbarino S.A., an Argentine electrical goods retailer, is pumping out a fourth issuance led by Banco Sudameris S.A., an active player in the Argentine local ABS market, to the tune of $34.4 million. Sources say the deal will close by next week.

The trust, Garbarino Series IV, is backed by personal loans from Garbarino's personal loan program that has been set up for its clients. The senior tranche, totaling $27 million, has received a national rating of raAAA from Standard & Poor's and the expected coupon is 13.5% with a two-year maturity.

The subordinated class, consisting of the remaining $7.4 million, has been assigned a national rating of raBBB from S&P. Additionally, there is a small mezzanine piece; however, it will not be sold to the market, but only received by the originator.

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