Swift Armour S.A. Argentina stepped out of the woodwork recently and brought a $50 million privately placed asset-backed deal to market.

J.P. Morgan is the lead agent on the transaction.

The deal, which is expected to find circles sometime this week, is secured by future export sales.

"It's attractive, but a little slow-going," said one buysider. "But, I'm sure that it will get going."

More recently, Argentina has been facing a recession and the fear of an economic slowdown. Although it isn't exactly known what effect this may have on the asset-backed market in Argentina, Standard & Poor's Ratings Services placed the country on CreditWatch with negative implications.

Swift Armour S.A. Argentina, a manufacturer of meat products and main beef exporter, supplies the market with a varied range of products that are consumed in Argentina as well as in more than 60 countries all over the world.

Some of its brand names include Swift, La Blanca, Plate, Fray Bentos, Safra, Exeter, ACE, Campbell's and Corte Buona. In addition, Swift credits itself as being the absolute leader in canned meats in the domestic market.

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