Diane Lam's recent report for Standard & Poor's on the Asian securitization market came to a sobering but not completely dismal conclusion that, although macro financial and economic troubles continue, there are some rays of hope. "Collectively issuance in South Korea, Singapore, Hong Kong and Taiwan is coming at a far slower pace than in previous years because of slower growth of consumer financial assets and higher levels of bad debts and bankruptcies," said Lam, a director in S&P's structured finance group, in the report.

Lam points to two areas of future prospective growth: the development of Taiwan's market and synthetic CDO activity. First, although the synthetic CDO market has taken a summer pause, it may resume in earnest because of the high level of interest among Asian investors. Singapore is where CDO activity is focused. Both of these trends have been well documented in ASR.

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