HSBC Banco Argentina S.A. is expected to be in the market next week with $25 million in notes and $45 million in certificates through Hexagon I. The transaction, which is a repackaging of some domestic Argentine government debt, will be rated AAA on the local scale by Standard & Poor's.

"HSBC's securitization activities are picking up," said a source close to the transaction. "They are currently working on a credit card receivables deal which is expected later this year."

Banco Mariva, the wholesale bank that specializes in financing small and medium enterprises, is also putting the final touches to a deal, in its case a $25 million securitization of top-rated company checks.

The notes are expected to hit the market in the second quarter. The offering will be divided in two tranches. One tranche will consist of shorter maturity bonds and is designed for the private banking market. The second tranche, which features paper with longer maturities, is likely to be purchased by local pension funds.

Because of the quality of its portfolio, the bonds are expected to be rated triple-A by Duff & Phelps Credit Rating Co. and Fitch IBCA and will be priced close to Argentine government debt. MBA Banco de Inversion will lead manage the issue.

Finally, following a debut ABS deal for $35 million a year ago, Banco Banex, the bank created by the merger of Banco San Luis and Exprinter, has decided to have another go at securitization.

The bank has structured several transactions up to a maximum of $10 million each under the Creditos 1 series. The first of these deals, a $7.5 million loan securitization, closed last month and others are to follow on a trimestral basis.

The deal was rated triple-A on the local scale by DCR and Fitch and the notes were issued under the bank's $500 million global note program, called Fideicomisos Financieros MBA Asset Backed Securities. The paper is backed by backed by personal loans extended to employees of the Province of San Luis (53%), and personal loans to pensioners. The coupon stands at 12.5%.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.