Argentina's consumer sector continues to churn out news. Moody's Investors Service assigned a Aa2.ar' rating on the national scale to the senior piece of a personal loan- backed deal originated by regional bank Banex. The total volume of the transaction is Ps30 million (US$10.3 million), with the senior chunk amounting to around Ps21 million (US$7.2 million). The eligible loans are granted to retirees who receive their pensions through a social security agency and to employees of the San Luis provincial government. A similar deal priced in December of last year.
Banex acts as a financial agent for the government of San Luis. Payments are deducted directly from the borrower's paycheck or pension payment.
Meanwhile, co-leads Banco de Valores and Compania Inversora Bursatil brought the third series of Megabono to market last week. The Ps16.6 million (US$5.7 million) senior tranche priced at 4.9%. The expected life is about one year. Collateral is comprised of consumer loans originated by Electronica Megatone and Confina.