As Argentina enters Q1, the tone for the securitization industry is little changed since the beginning of the year; perhaps it's a tad brighter, but volumes and asset choices remain narrow. The same two sectors that crept back from the meltdown late last year - exports and consumer assets - remain the only props of the industry. As if to underscore this, one deal in either sector closed last week.

The export-related transaction, Secupyme III, was sized at US$3.89 million and holds a guaranty from Garantizadora, which also structured the multi-originator deal. Banco de Valores is both trustee and placement agent on the transaction, which closed Oct. 8.

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