Swinging their scythes into Colombia's lush field of agriculture securitizations, Mercancias y Valores and Corfinsura have made a clearing for sugarcane this season. The investment banks are separately cultivating deals backed by the sweet stuff, sources said.

Apparently further along than its peer, Corfinsura is preparing a Ps40 billion (US$13.8 million), multi-tranche bond, with maturities of five, seven, and ten years, and all proceeds are earmarked for refinancing. Collateral is comprised of future sales by sugar refiner La Cabana to a mix of purchasers, which includes primarily Comercializadora Internacional de Azucares y Mieles (Ciamsa), as well as major domestic supermarket chains Exito and Cafam. Ciamsa sells 50% of Incauca's exports.

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