Two financial flows deals have recently closed in Latin America, hailing from different corners of the region. Touted as the largest debt issue by a Peruvian financial institution, Banco de Credito del Peru closed a $280 million, two tranche securitization of diversified payment rights on Nov. 29 via sole lead Standard Chartered. The bulk went to the A tranche, which came in at $230 million, with a final maturity of seven years and an average life of 5.5. Wrapped by Ambac, the A series priced to yield 23 basis points over one-month Libor, according to a source close to the deal.

The B tranche was sized at $50 million, with a final maturity of four years and an average life of 3.5. The coupon was 60 basis points over one month Libor; the final yield was not disclosed as of press time. Both Reg S and 144-A registered, the deal went to European and U.S. investors.

The transaction's legal advisors on the cross-border front were Dewey Ballantine for the issuer and Mayer, Brown, Rowe & Maw for the lead. For domestic law, Peruvian attorneys at Miranda & Amado provided counsel to the arranger.

Meanwhile, slipping under the radar and into a conduit, Central America's Credomatic has issued an additional $275 million off a 2002 issue, according to sources close to the deal. The assets backing the deal, which closed Nov. 23, are existing and future rights to dollar payments from Visa International Service Association and MasterCard International.

Citigroup Global Markets led the deal, which is being dropped into one of the arranger's conduits. Standard & Poor's rated the transaction AAA' thanks to wraps provided by Ambac and XLCA, according to a release from the ratings agency. Ambac had covered the initial issuance, which totaled $125 million, and was increasing its exposure another $75 million. XLCA is insuring the other $200 million.

The maturity of the issue was termed out to January 2012 from 2010 originally.

The reason the originator opted for adding volume to and tweaking the maturity of the original issue rather than placing new paper was to sidestep the authorization process from Visa and MasterCard, according to a source close to the deal. Also as a conduit deal, modifying the terms of the original placement is easier than issuing anew since the originator is only dealing with a single note holder, according another source familiar with the sector.

The receivables behind the transaction come from Credomatic's acquisition of electronic or paper transaction vouchers generated by the use of foreign credit and debit cards in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. The company is the dominant purchaser of credit card receivables in Central America, said a source close to

the deal.

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