Supermercados Norte, the largest supermarket in Argentina, is spicing up the local market with a 10-year $350 million synthetic security transaction, expected to close within the next two weeks, according to sources.

While the deal is a domestic transaction, it features a similar structure to Gain Financial Trust, a cross-border transaction completed in June 2000 (ASRI 7/3/00 p.1). In this deal, Credit Suisse First Boston (CSFB) structured the deal as a pass-through transaction. Supermercados Norte will issue plain vanilla bonds to Phoenix Trust, however the collateral is composed of negotiable obligations issued by the supermarket.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.