More than a year and a half since Argentina erupted, the cross-border market is still hostile territory for the country's structured issues, save for the well-tested name of YPF. Local investors have been more receptive, arguably for no other reason than lack of options. Still, the liquidity is there and new ideas are springing up for tapping the Argentine buyside, particularly in the export sector.

Cayman Islands law firm Hunter & Hunter is exploring the potential for an Argentine export-related deal resembling a mutual fund. The SPV would be offshore, while the buyers would be local. "It would be the first type of vehicle in Argentina as a way to finance exports," said Hunter & Hunter Associate Jose Santos Torres at the sidelines of the Latin American Securitization Summit (see ASR 7/14, p. 1). The fund would invest in Argentine exports, Santos said. A potential structure would be different classes of shares, with each share linked to a particular exporter.

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