For unclear reasons, bankers are reportedly rushing a $300 million export-receivables deal from Brazil's Grupo Votorantim, one of the largest industrial companies worldwide. ABN Amro, Citibank and Fleet Boston are arranging the deal that will be sold to a syndicate of banks, as opposed to a bond offering.

While export-receivable transactions are not uncommon for Brazil, and some sources argue that they just may be the wave of the future, this transaction will mark the longest tenor yet, with a five-year maturity and a two-year grace period. Additionally, Standard and Poor's is expected to rate the tightly structured deal triple-B.

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