STRUCTURED FINANCING - Solid Structures

Jan 19, 2012

AA 2000’s $300m 10.75% 2020

Aeropuertos Argentina 2000 (AA2000) Aeropuertos Argentina 2000 (AA2000) proved that a solid structure can make all the difference when selling to a wary investor base. Its $300 million receivable-backed 10-year non-call five may have been relatively small, but it lured a large crowd and still outperformed in the secondary markets at a time when other Argentine credits headed south.

Long in the works, the mandate for the Argentine airport concessionaire’s international bond debut had been tossed around from bank to bank until it landed in the laps of Credit Suisse and Morgan Stanley, which eventually got the deal to fly by incorporating elements from a variety of structures, including DPRs and a similar trade from Lima Airport Authority.

Selling an Argentine credit is arguably...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management