Two Argentine commodity-related deals are in the pipeline for February, but activity has yet to meet the high expectations kindled last year by the combination of a massive currency devaluation and shortage of financing alternatives. Some players thought exporters would come to the structured market in droves. As it turned out, merely a handful of deals materialized. The volume tracked by ASR hit US$42 million.
"The sector didn't quite take flight the way we thought it would," said Lucas Brady, a senior lawyer at Alchouron, Berisso, Brady Alet & Fernandez Pelayo. "The boom in this product never came."