Offering a flicker of activity during a typically lethargic summer, two deals closed in Argentina's domestic market on Feb. 25. In the export sector, Banco de Valores led Secupyme V, a US$2.7 million transaction for a collection of 24 bean, soy and corn farmers. Backed by export receivables, the 10-month deal priced at 4.15%, far tighter than the 5.98% pricing of the last transaction in this program. Unappetizing yields on government treasuries are pushing investors into structured deals, according to Sergio Capdevila, head of trust services at Banco de Valores. The transaction even drew a respectable contingent of retail investors, accounting for about one-fifth of the paper. Local agency Garantizer guarantees the deal, which is rated' by Moody's Investors Service. Meanwhile, joint leads Banco de Valores and Compania Inversora Bursatil brought consumer loan-backed Confibono III to market. A senior tranche sized at Ps16 million (US$5.5 million) priced at 5% and carries a duration of 5.3 months. Fitch Ratings gave the deal A+(arg)' on the national scale. Elsewhere in the consumer sector, Megabono III was timed to close late last week, while Garbarino XVI was slated to fund this week.

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