The leading contenders in Argentina's presidential election are unlikely to derail a budding recovery in structured finance, most observers said. But even if the new administration swiftly executes market-friendly policies, a proper securitization sector looms only in the medium- to long-term, after banks have cleaned up their books and genuine confidence returns to the battered market.

"We need a president who will sow the seeds of business certainty in the country," said Juan Pablo de Mollein, associate director of Latin American-structured finance at Standard & Poor's. "Only after that happens can we see the generation of assets such as auto loans and mortgages come back to life."

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