Continuing its pioneering efforts to jump start the local ABS market, Argentina's largest bank, Banco de Galicia y Buenos Aires, recently closed the second securitization of credit card receivables for its subsidiary Tarjeta Naranja.

The $25 million deal, which mirrors one launched late last year, has a one-year maturity and a coupon of 11%. The receivables will revolve during an interest-only period of six months and then the deal will pay down in a six-month controlled amortization.

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