Established a few months ago by Brazilian private equity firm GP group, Altere Securitizadora is officially open for business. Earlier this month, the agency closed its first deal using an entrenched financing vehicle for construction company Grupo Walter Torre.

The transaction reached R$9.8 million (US$3.4 million), and pricing was 12.5% over the IGPM price index. Fitch Ratings gave the deal a rating of A(bra)' on the national scale. Maximo Lima, a director of Altere, characterizes the fledgling agency as a marriage of the expertise of traditional securitizers and the distributive capacity of a bank. Securitizers, he said, often lack a strong sales network. But with backing from the GP group, "we're managing to bridge the gap," he added.

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