Acesita, a Brazilian steel-maker, recently finished road shows for its first cross-border securitization. The $150 million deal is being called an "enhanced export-receivable transaction" due to a contingency support agreement from Usinor, Acesita's French affiliate.

It is unclear exactly what role Usinor, which owns approximately 35% of Acesita, will play in the structure. Yet its involvement seems to be behind the fact that lead manager S.G. Cowen is marketing the deal as a French corporate, the surprisingly tight price talk of 220 to 240 basis points over Treasuries and Fitch's preliminary BBB rating.

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