The Argentinian branch of Deutsche Bank was putting the final touches to its first securitization program last week. Aptly named Millennium, the program will issue ABS offerings backed by repackaged bonds and synthetic products such as swaps.

ING Barings will be the fiduciary agent for all of the Millennium series and Deutsche Bank in Germany will guarantee the swaps. The program is rated AAA on the local scale by Standard & Poor's and Duff & Phelps Credit Rating Co.

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