A deal due out next month in Uruguay comes with a structure that's as baroque as it gets in Latin America. To maneuver around obstacles - including a regulatory prohibition on pension funds' buying straight future flow deals - sole lead Banco ACAC Credit Agricole engineered a number of steps for a US$8.4 million deal that, according to one source, led to steep, albeit unavoidable, costs.

The originator of the transaction is Grinor, a construction company that won a concession last January to build and maintain an extension of a street in Montevideo, Bulevar Jose Batlle y Ordonez.

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