Having won over banks in the U.S., Europe, and Asia, CLO technology is now crossing into South America. In its latest incarnation, Argentina's big banks are attempting to securitize very specific portfolios: their loans to the country's provinces.

Banco de Galicia y Buenos Aires, Argentina's largest bank in assets, may be the closest to finding the structural key, and if a deal proceeds as planned, the bank is expected in the international markets with its first such CLO in the next month or two. Banco Santander, another of Argentina's large banks, has also been working on a structure, sources said.

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