Argentina's Cooperativa de Tabacaleros de Jujuy (CTJ) is now known for something other than churning out smokes, at least among investors. The tobacco processor priced a US$12.4 million, one-year bond at 6.75%. Fitch Ratings gave the export receivable transaction an A-(arg)' on the national scale. Joint leads Cohen Bursatil and Nacion Bursatil focused on retail investors, who ended up with a significant chunk of the deal, according to a source on the transaction (for structure details see ASR 2/23, p.1).
The structurer of the deal, Banco Nacion, is working on other transactions designed to prop up regional economies, which is a mandate of the state-owned bank. The bank is understood to be crafting a deal for Vargas, a producer of dried fruit based in the city of San Rafael on the eastern flank of the Andes. The deal would be a small US$2.6 million and would likely benefit shipments of processed pears and cherries.