© 2026 Arizent. All rights reserved.

Argentine consumer sector rolls out more deals

Published 1 Min Read

Argentina’s consumer sector continues to churn out news. Moody’s Investors Service assigned a Aa2.ar’ rating on the national scale to the senior piece of a personal loan- backed deal originated by regional bank Banex. The total volume of the transaction is Ps30 million (US$10.3 million), with the senior chunk amounting to around Ps21 million (US$7.2 million). The eligible loans are granted to retirees who receive their pensions through a social security agency and to employees of the San Luis provincial government. A similar deal priced in December of last year.

Banex acts as a financial agent for the government of San Luis. Payments are deducted directly from the borrower’s paycheck or pension payment.

Meanwhile, co-leads Banco de Valores and Compania Inversora Bursatil brought the third series of Megabono to market last week. The Ps16.6 million (US$5.7 million) senior tranche priced at 4.9%. The expected life is about one year. Collateral is comprised of consumer loans originated by Electronica Megatone and Confina.

http://www.asreport.com

For reprint and licensing requests for this article, click here.

More From Asset Securitization Report

Not too calm, not too crazy: LatAm pros crave sweet spot

Structured finance players in Latin America pushed through 2011 with few scars, especially given the turmoil pounding European markets. This year should see sustained activity, provided the European crisis does not intensify and send everyone fleeing from all but the most ironclad investments. In terms of volumes, structured finance in Latin America tends to do […]

Argentine Provinces Fund Housing with Federal Flows

Argentina’s provinces are re-enacting the past. In the last year, three have publicly issued deals backed in part by revenue from a federal government institution, recalling a time when securitizing co-participation revenue from the central government was all the rage. That was before the crisis of 2001-2002. There is bound to be more of these […]

Argentine Consumer ABS: Riding a Fast Economy and Faster Inflation

With economic growth in Argentina having surpassed 8% last year and unemployment diminishing, it is no wonder the country’s consumer ABS sector boomed in 2010. Collateral, after all, was in generous supply as more optimistic consumers made purchases on credit. This year, observers said we should expect more of the same, although the pace of […]

State of Mexico Deal Marks a Few Firsts

In late August, an entity of the State of Mexico known as IFREM originated a roughly Ps4 billion ($306 million), 20-year deal backed by flows from property registration fees. Structured by MBIA unit LatAm Capital Advisors (LCA), the transaction was novel on a number of fronts. For starters, there was the choice of guarantors on […]

Argentine debt piles into ABS

Banks in Argentina are offloading government debt into securitizations as a way to cut their exposure and provide liquidity to obligations that are effectively non-tradeable, sources said. “It’s a way for banks to clean up their balance sheets,” said Maria Sol Ventura, ratings specialist at Standard & Poor’s. And in a sign that arrangers are […]