Gapped-out interest rates are sucking the juice from ABS issuance in some of the larger emerging markets (see Mexican issuance, p. 19), but not Argentina. Even though the country has fallen victim to the volatility seen around the world, base rates were exceedingly low to begin with. For instance, the yield on Argentina's six-month Treasurys has jumped up 100 basis points to a mere 3% over the last month and a half.

As such, originators are not daunted. In fact, last week no less than four leapt into the market. The entrenched duo Compania Inversora Bursatil and Banco de Valores jointly arranged these deals, except for ProArg I, an olive transaction with Valores as sole lead.

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