Following a failed effort to tempt investors in 1997, the Colombian Coffee Growers Federation is attempting to tap the U.S. private placement market once again, this time with a hefty $200 million securitization of export receivables. Agented by Chase Securities, the notes have a seven-year final maturity and a four-year average life. Price talk last week was between 325 and 375 basis points over Treasuries.

Despite the fact that securitizations often allow issuers to pierce the sovereign ceiling, some investors were surprised by the fact that Duff & Phelps gave the transaction a preliminary single-A minus credit rating.

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