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.

Garbarino and HSBC Bank first issued the card in 1997 but in 1999, Garbarino decided to continue without HSBC's assistance. Today, Tarjeta Garbarino has over 150,000 cardholders and originates around $22 million a month.

Garbarino specializes in T.V., audio and computer products. The company has 29 subsidiaries throughout Argentina.

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