Argentina witnessed Ps1.68 billion ($587 million) in domestic issuance through financial trusts - basically a proxy for securitization - during the first half of the year, according to a monthly report drafted by Gainvest Asset Management. Activity for that time frame outpaced the entire year of 2004, which posted Ps1.63 billion. Some Ps304 million was issued in June alone.

The consumer segment accounted for Ps743 million, or 44%, of all the issues in the first half, but the overall rise in activity has brought moderate diversification as well, with mortgages, leasing and other asset classes eroding the dominance that consumer assets have held over the last couple of years.

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