Argentine bank Sudameris S.A. is in the market with a $21 million offering for electrical goods retailer Garbarino S.A. The transaction was rated triple-A on the national scale by Standard & Poor's. Ernst & Young Corporate Finance acted as financial advisor.
The two-year paper is backed by Garbarino's personal loan portfolio. The loans are issued through the retailer's credit card, Tarjeta Garbarino, which caters to lower-income customers and enables them to pay for their purchases in installments.