In an effort to create a secondary market for ABS paper in Argentina, Banco Sudameris recently started posting an index of its structured notes on the local stock market. The bank started by listing the Fidens Trust, which is made up of two local MBS deals totaling the equivalent of $30 million, and hopes to list other deals in the near future.
"We are doing this in order to increase the liquidity of our paper," explained Fabian Pirrone, deputy director of capital markets at Sudameris. "We are trying to reach out beyond the institutional investors and appeal to the individual investor, who is less familiar with securitization. In our eyes, an index was the best way to bring our paper to smaller investors in a transparent and low cost manner."