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.
Global trade hit $18 trillion in 2012 and regulations are giving banks a big incentive to offload trade finance facilities. These two facts point to colossal prospects for this asset class. But the deals remain a deeply labor-intensive exercise.
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.