Colombian ABS players thirsty for action can toast to Bavaria. The regional beer peddler is linked to two transactions: one is a straightforward securitization to raise market funds, the other a CDO linked to arbitrage opportunities.

Bavaria recently handed a mandate to local brokerage Correval to structure a securitization of forward contracts of barley and malt, according to a source familiar with the transaction. The program would roughly amount to the peso equivalent of US$150 million and would be marketed only to domestic investors. The architecture would fit the mold of sugar deals done locally, the source said.

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