For the second time in two years, emerging markets have entered the ring with a trade-credit structured finance transaction.

Similar to the importer and exporter deal, Sovereign Trade Credit I that was completed last year, Sovereign Trade Credit II closed earlier this month. The transaction was a securitization of trade credits among 14 emerging markets across the globe.

According to sources, it was a $90 million deal with a three-year bullet. The one-time placement was led by ING Barings and placed under Rule 144A. The deal, targeted to U.S. investors, had the benefit of an insurance policy from Ace Bermuda. Sources said Standard & Poor's Rating Services and Fitch rated the deal A+. Both rating agencies declined comment on the transaction.

Trade credit transactions are a unique asset class, according to one source close to the deal and more transactions of the sort are expected to hit the market in the future.

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