Twas two nights before Christmas and all through the markets, not a creature was stirring well, that's at least what Argentina's YPF might have you believe. As quiet as a yuletide mouse, the oil giant crept in with a slick export receivables deal Dec. 23 that some say hit around US$357 million.

Apart from short, vague releases put out by ratings agencies Standard & Poor's and Moody's Investor Service, hardly a peep came out of the markets about Oil International Ltd., an SPV that issued 2009s worth US$200 million at 3.98%. Neither agency mentioned the originator.

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