From palm oil to milk and male calves, Colombian dealmakers are breaking new ground when it comes to securitizing agricultural commodities.

Locked in a two-man race to become the first palm-oil backed deal in Colombia, Titupalma appears to be pulling ahead. The Ps50 billion (US$18.2 million) securitization has been rated AA+ by BRC Investor Services and, following some minor tweaking, will be good to go. A similar deal structured by Colombian bank Commodities & Banca de Inversion is taking longer and has yet to receive a rating (see ASR 10/7, p. 21).

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