Tarshop, an Argentine credit card designed for use in shopping malls that belong local real estate conglomerate IRSA, is about to issue a $13 million securitization of its receivables. HSBC will be the arranger for the deal, which is rated AAA on the national scale by Standard & Poor's.

Like Tarjeta Naranja - another local credit card issuer that securitized $75 million of its receivables last year - Tarshop's cards are targeted to lower and middle income borrowers who would not usually apply for bank credit cards. The card was launched in October of 1996 and offers added bonuses to its clients, such as special discounts at the malls, cash advances and personal loans.

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