Argentina was the little engine that could in the first quarter. Four years into a robust economic recovery, securitization issuance totaled Ps3.2 billion ($1.0 billion) from January through June, nearly double the volume of the same time frame last year, according to a report issued by Gainvest Asset Management. But apart from a handful of synthetic deals, backed by converted Argentine government bonds, the landscape of asset classes has remained remarkably static for an economy very much on the move.

"The market drivers are still consumer credit, personal loans and credit cards," said Martin Fernandez, an analyst at Moody's Latin America. "That's where Argentine growth is going."

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