Russia's mortgage-monopolized securitization market could see more diversification in 2014 under a new law. A good candidate for ABS? Unsecured retail loans.
Despite being rated 'Caa1' by Moody's, the deal from Privatbank has exhibited reasonably low delinquencies and a enormous credit enhancement for the outstanding tranches.
The agency forecasts issuance of close to RUB100 million ($2.9 billion) in 2013, with the arrival of new originators as well.
The deal from specialty lender International Investment Group is backed by loans to LatAm obligors. More issuance may be ahead.
Changes to Turkeys covered bond legislation are supportive of the credit ratings on these instruments, according to Moodys Investors Service.
Controversy over the Mexican equipment lease sector
After contracting sharply last year amid regulatory uncertainty and an economic slowdown, Brazils structured finance market now appears to be poised for a recovery.
Five new originators of Russian RMBS debuted last year; players say the issuer stable will keep growing.
Investors no longer feel limited to their own country for securitization investment opportunities; they are becoming comfortable with the risks and rewards of investing in and owning a global book.