Chilean structurer Securitizadora Bice is readying the second ever dollar-denominated transaction in the domestic securitization market. Sized at US$50 million, the deal is a six-year bullet. The paper is a perfect mirror of the collateral, which is comprised of notes to be issued by Societe Generale Option Europe (SGOE) under the Luxembourg Stock Exchange. The deal is slated for June, according to a source familiar with the transaction. The coupon is fixed at 0%, with the final yield indexed to the return of the PRS Fund V during the same time frame. Companies related to Societe Generale manage the fund, which engages in unconventional investments, according a press release by Standard & Poor’s affiliate Feller Rate.
Apart from structuring and issuing the transaction, Bice will be primary servicer. Securitizers in Chile often take on all three roles, particularly when the structure is uncomplicated. Feller Rate and Moody’s Investors Service affiliate Humphreys have both rated the transaction AAA’ on the national scale, largely due to the fact that the notes will be guaranteed by Societe Generale, rated AA-’ and Aa3’ on the global scale.