© 2026 Arizent. All rights reserved.

Argentine deals liven up lazy summer

Published 2 Min Read

Offering a flicker of activity during a typically lethargic summer, two deals closed in Argentina’s domestic market on Feb. 25. In the export sector, Banco de Valores led Secupyme V, a US$2.7 million transaction for a collection of 24 bean, soy and corn farmers. Backed by export receivables, the 10-month deal priced at 4.15%, far tighter than the 5.98% pricing of the last transaction in this program. Unappetizing yields on government treasuries are pushing investors into structured deals, according to Sergio Capdevila, head of trust services at Banco de Valores. The transaction even drew a respectable contingent of retail investors, accounting for about one-fifth of the paper. Local agency Garantizer guarantees the deal, which is rated A1.ar’ by Moody’s Investors Service. Meanwhile, joint leads Banco de Valores and Compania Inversora Bursatil brought consumer loan-backed Confibono III to market. A senior tranche sized at Ps16 million (US$5.5 million) priced at 5% and carries a duration of 5.3 months. Fitch Ratings gave the deal A+(arg)’ on the national scale. Elsewhere in the consumer sector, Megabono III was timed to close late last week, while Garbarino XVI was slated to fund this week.

http://www.asreport.com

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

More From Asset Securitization Report

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 […]

Home is where the deals are: LatAm Domestic Market Still on Top

NEW YORK – At Moody’s Investors Service Seventh Annual Latin American Securitization Briefing, a shared story emerged among participants. In a nutshell, it was that domestic markets are flexing their muscles, while their cross-border cousin is looking malnourished. So far this year, the region has yielded $8.2 billion in issuance on both the cross-border and […]

Argentine volumes up but asset diversity a challenge

Argentina was the little engine that could in the first quarter. Four years into a robust economic recovery, securitization issuance totaled Ps3.2 billion ($1.0 billion) from January through June, nearly double the volume of the same time frame last year, according to a report issued by Gainvest Asset Management. But apart from a handful of […]

Argentine leases and mortgages join local ABS growth spurt

Argentina witnessed Ps1.68 billion ($587 million) in domestic issuance through financial trusts – basically a proxy for securitization – during the first half of the year, according to a monthly report drafted by Gainvest Asset Management. Activity for that time frame outpaced the entire year of 2004, which posted Ps1.63 billion. Some Ps304 million was […]

Argentine domestic ABS issues hit $420mil from Jan to Apr

The number of Argentine domestic ABS and the sizes of the sector’s largest deals have shot up in the first four months of the year from the same period last year, according to a recent report by local asset manager Gainvest. The total volume of deals hit Ps1.21bn ($420 million), a 377% leap from the […]