The Argentine provinces are edging into the market with a securitization of federal tax co-participation system revenues from the Province of San Juan and a possible oil royalties-backed deal from the Province of Mendoza. Both deals follow the recent Province of Salta transaction, the first oil and gas royalty-backed transaction that was able to receive investment-grade ratings.

According to sources, the deal is expected to be approximately $200 million. The province has authorization under its law to securitize a maximum of $400 million this year.

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