With the Argentine export machine in overdrive and a convalescent bank sector loath to extend credit, securitization remains the only game in town for many agribusiness companies. Producers of olive oil and olives are the latest to join up. "Banks aren't providing financing...and [companies] are going straight to the market," said Santiago Pino, president of financial consultancy GSW.

But that market has its own constraints, as illustrated by the persistence of small deals with short maturities. An upcoming transaction for three olive companies structured by GSW totals US$3 million and has an expected maturity is 255 days. The deal marks a first for the consultancy, which began operations a year and half ago.

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