Small but steady, the Argentina deal machine continues to crank out ABS in the consumer and export sectors. Among recent deals closed was Secupyme VI, a US$1.4 million export-backed transaction benefiting wheat farmers. Structured and partially guaranteed by local agency Garantizar, the deal priced at an exceptionally low 3.9% yield. Moody's Latin America rated it A1.ar' on the national scale. Even with the short tenor of 300 days, the transaction yielded the tightest rate for the Secupyme series, a sign that local investors' appetite for ABS is far from sated. "We haven't noticed any kind of slowdown in the sector," said Martin Fernandez, an analyst at Moody's.
Earlier last month, Banco de Valores closed Tarshop VIII, a Ps21.7 million (US$7.1 million) deal with an 18-month expected life. That deal priced at 8.5%, according to a source. Standard & Poor's rated the transaction raAA' on the national scale.