In Argentina's domestic market, the stream of consumer and export-related deals flows on. Companies in both sectors have benefited from the economic revival and are cashing in on ever cheapening rates.

But this brighter picture has its nuances. Pension funds, those traditional pillars of a robust bond market, appear to be pulling back, sources said. "The rates are just not attractive for them, so they're keeping a lot of money in [treasuries] and time deposits," said Sergio Capdevila, head of trust services at Banco de Valores.

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