In a deal expected to close this month, the Argentine Province of Salta will make history by piercing the sovereign ceiling with the first-ever royalty-backed deal.

The deal comes despite a full-blown economic recession, uneasy political turmoil, and a seemingly sluggish securitization market in Argentina (see story p.1). Fittingly, the transaction authenticates a well-maintained base growth of the securitization market as it provides a good source of financing for many banks and companies.

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