Salomon Smith Barney is working on the final touches of a securitization for Brazil's Banco Nacional de Desenvolvimiento Economico e Social (BNDES). The deal, which is expected to hit the markets by the end of August, is backed by receivables originated by aircraft manufacturer Empresa Brasileira de Aeronautica SA (Embraer) but now owned by BNDES.

The receivables were generated by the sale of aircraft to American Eagle, the short-haul carrier for American Airlines.

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