Argentina’s asset-backed securities market shows no sign of slowing down but the sub-prime crisis has killed off the country’s nascent mortgage-backed securities market.
Total securitizations in Argentina in 2007 amounted to Ps8.4 billion ($2.7 billion), and ABS contributed 83%, according to Standard & Poor’s. In 2006, total securitizations added up to Ps7.5 billion and ABS made up 80%.
Last year, four-fifths of ABS issuance was by local department stores and electronic goods stores, including Fravega, Garbarino and Red Megatone, according to local investment bank Banco de Valores. The other 20% was issued by credit-card...
