Bucking the furtive approach of its rivals, ABN AMRO went public last week with a mortgage warehousing facility in Kazakhstan. The global bank recently closed a $200 million deal with client BTA Ipoteka, the originating unit of Bank TuranAlem. The ultimate idea is to package the collateral into an RMBS, an event that probably won't happen in the first half of the year.

"We're not expecting to refinance this until late 2008," said Tim Vieth, director of CEEMEA ABS at ABN. "Ultimately we believe the market will have appetite for this type of risk [but] we do need to see some stabilization in spreads."

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