Mexican retailer Grupo Elektra is holding roadshows for its $42 million securitization of account receivables. The deal, which is expected to hit the market soon, should receive a double-A local credit rating from Duff & Phelps (DCR). Operadora de Bolsa Serfin is the arranger for the transaction and Nacional Financiera will act as trustee. The notes will have revolving periods of 90 days and a three-year final maturity.

"This is a good time for Elektra to come to market," said Jose Antonio Rodriguez, an analyst with DCR in Mexico. "Pension funds are looking to buy corporate paper with double-A type credit rating and there aren't many issuers out there who can offer it."

Over in Brazil, Banco Bozano Simonsen and Banco Primus are in the process of structuring the first securitization from Cemig, the electricity utility owned by the state government of Minas Gerais.

According to Michael Iltit, manager at Banco Bozano Simonsen, the notes have a three-year maturity and an average life of 18 months.

Cemig, which expects monthly receivables of R$7.7 million ($4.2 million) from the state over next four years, will enhance the paper's credit quality with receivables from other state companies such as water utility Copasa and Comig, a company that receives mining royalties on behalf of the state. The deal is expected to hit the local market in the next two months.

Meanwhile, oil and gas exporter Petroleo Brasieiro (Petrobras) is mulling a $500 million bunker fuel securitization. The first chunk will be for $200 million and is expected in the market before the end of the year. Though it is not clear if any bank has been mandated, Petrobras is known to be insisting that the interested financial institution will also provide a similarly sized bridge loan.

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