Standard & Poor's last week cut the capital charge applied to monoline insurers across the ratings board for emerging market future flow transactions. While the move is a positive for originators of future flows, it will doubtfully have much of an impact on monolines' appetite for that asset class, given the number of variables that go into demand, according to industry sources.

"What's changed is how we equate the risk of a transaction with how much a bond insurer sets aside," said Gabriel Wieder, an associate in S&P's emerging markets structured finance group.

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