Efforts to resuscitate export securitizations in Argentina are bearing fruit (see ASR 11/4, p.18). In an interesting twist, the transactions that are surfacing are backed by loans to exporters, rather than the more conventional collateral of future flows.

Though details remain vague, Banco de Rio is heard to be at the forefront of securitizing loans to exporters. "If it gets done, it will involve producers from different provinces and involve various crops," said a source active in the domestic market.

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