HSBC Banco Argentina S.A. is expected to be in the market next week with $25 million in notes and $45 million in certificates through Hexagon I. The transaction, which is a repackaging of some domestic Argentine government debt, will be rated AAA on the local scale by Standard & Poor's.

"HSBC's securitization activities are picking up," said a source close to the transaction. "They are currently working on a credit card receivables deal which is expected later this year."

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