Astructure set up by HSBC is primed to become the first trust to issue a deal in Argentina since the country slipped into default last December. Rated BBB-'by Standard & Poor's on the national scale, the senior tranche of the groundbreaking one-year bond is worth Ps35 million (US$9.7 million).

"This is the first genuine securitization offered to the public...since the economy was pesified," said Hernan Gutierrez, head of trust & fiduciary products at ABN Amro Argentina, acting as trustee on the deal. ABN Amro has been involved in the few structured deals that have surfaced since the domestic debt market ground to a virtual halt early this year following the imposition of crippling capital controls and a torrent of defaults in nearly every economic sector.

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