Small Hopes that Turkey Returns

February 1, 2010

ABS devotees involved in the emerging markets east of Europe faced headache after headache last year. At least one major problem morphed into a positive during the year, as the orderly winding down of major Kazakh programs backed by diversified payment rights (DPRs) in the face of their originators' restructuring proved a vindication of the asset class. A smaller program by Alliance is in the process of amortization, while the bank has defaulted on other debt.

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