The dramatic reversal of fortune for commodity exporters, induced by a plunge in prices and the global liquidity crunch, has altered the terms of financing for a sector that benefited handsomely from the market trends of the last several years.

The question is whether they've altered enough to revive the export-backed deals that were a viable funding option before easy money and sky-high prices made them obsolete. While in the near term such a change seems unlikely, the conditions next year will arguably be more auspicious for this sector of ABS than they have been since 2004.

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