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February 7, 2008 |
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SANTANDER RIO: Launches Series XLI Gabarino Securitization Banco Santander Rio S.A. has launched its series XLI Garbarino financial securitization for up to ARS101 million, Business News Americas reports. Banco Santander Rio said in a press statement that the subscription period will end on Feb. 8. BNamericas relates that the securitization will be issued in three tranches: -- A series, for up to ARS90.6 million with a 12% coupon due October 2008; -- B, floating rate series for up to ARS3.79 million due December 2008; and -- C series for up to ARS6.63 million maturing July 2010. According to BNamericas, the B securities has Argentina's Badlar interest rate -- -- the average interest rate banks pay for deposits over ARS1 million -- plus 450 basis points. The interest rate on the floating rate debt securities will never be higher than 21% or lower than 16%. The securitization was backed by consumer loans originated by household goods retailer Garbarino and technology shop Compumundo, BNamericas states. Banco Santander Rio S.A. is headquartered in Buenos Aires, Argentina. The bank had ARS$16.2 billion (US$5.3 billion) in total assets and ARS$12.6 billion (US$4.1 billion) in deposits as of December 2006. * * * On Nov. 13, 2007, Moody's said that Banco Santander Rio S.A.'s long term foreign currency deposit rating of Caa1 is limited by the country ceiling for foreign currency deposits. Banco Santander Rio's B2 foreign currency debt program is based on the bank's Ba1 global local currency deposit rating. |
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