After the tidal wave of Argentine defaults last year, foreign investors tuned out the flailing country. This year, issuers have come back, but with the exception of a YPF placement, they have tapped only domestic investors and produced tiny deals. Of the eight transactions closed so far, not a single one has topped the equivalent of US$20 million and most have barely reached the teens.

Appetite is not the problem. At the mercy of low-yielding government paper and few other alternatives, Argentine investors seem ready to lap up structured paper. The track record for the sector is strong too. "This was one of the few products that has kept paying during the crisis," said Cristian Calderon, head of capital markets for local investment bank Compania Inversora Bursatil.

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