As issuance in the Northern Hemisphere drifts into the seasonal slumber of August, activity on the wintry side of the globe is, if anything, picking up. Remote from the summer slowdown in New York and London, Argentine issuers are out peddling deals and the action is in consumer assets.

Thirsting for funds and ignored by banks, originators of consumer assets in Argentina are turning increasingly to the securitization market. "[Issuers] see these instruments as being more flexible and, for investors, they're increasingly attractive," said Sergio Capdevila, head of trust services at Banco de Valores. While the rates on consumer loans and credit cards are still prohibitively high for many borrowers, consumption is steadily rising in line with economic growth, projected at 4% to 5% this year.

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