Prospects for international asset-backed deals from Asia have dwindled of late and ABS players in the region expect the market to stay quiet for some time.

Not long ago, securitization was expected to play a major role in helping Asian borrowers tap foreign funding for recapitalization and restructuring after the regional financial crisis. But outside Australia and Japan, the pipeline for international deals from Asia is shorter than predicted. This year, aside from deals funded through CBOs, only three term deals have been launched in the public market. While this is an improvement in volume terms on 1998, it is a disappointing total for those who hoped that international securitization would play a significant part in Asia's recovery.

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