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Latin America: Argentines Ready Fourth Card Deal

Published 1 Min Read

Banco de Galicia y Buenos Aires S.A. is getting ready to launch Tarjeta Naranja Credit Card Trust IV, the fourth securitization of credit card receivables for its subsidiary Tarjeta Naranja.

The $35 million deal mirrors its three predecessors launched in December 1998, June 1999 and October 1999. The notes were rated triple-A in the local scale by Fitch IBCA and Magister Thomson Bankwatch and will yield approximately 12%.

Tarjeta Naranja enjoys widespread popularity in Argentina’s provinces such as San Juan, Catamarca, Salta and Tucuman., where borrowers are normally more reluctant to apply for credit cards.

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