HSBC Brasil has priced a $200 million, 10-year deal backed by diversified payment rights last week.

Pricing was 21 basis points over three-month Libor, thanks to a wrap by FGIC. Moody's Investors Service and Standard & Poor's rated the deal triple-A.

The transaction marks only the second time a global bank in Brazil has securitized DPRs, an asset class dominated by local banks.

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