The first ever asset securitization transaction exclusively referencing Brazilian loans has been closed by ABN Amro. The deal could be the start of several other synthetic deals to come out of Latin America this year.
In February, ABN Amro closed a collateralized loan obligation structure, which referenced a loan portfolio of $850 million. The risk of this single-jurisdiction portfolio, which was made up of a few hundred loans originated by ABN Amro’s Brazilian operation, Banco Real, was shared between Dutch pension administrator PGGM and ABN Amro.
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