Chilean structurer Securitiza- dora Bice is readying a deal that is likely to be the second ever U.S. dollar-denominated bond to hit the domestic securitization market. Sized at US$50 million, the six-year paper will perfectly mirror the collateral, which is comprised of notes to be issued by Societe Generale Option Europe (SGOE) on the Luxembourg Stock Exchange.

In an interesting twist, the coupon is 0% and a final bullet payment is tied to the performance of a fund administered by companies related to Societe Generale, according to a release from Standard & Poor's affiliate Feller Rate.

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