The region of the ex-Soviet Union, Turkey and Eastern Europe bubbled with cross-border activity in the first half of the year, yielding $4.2 billion in deals tracked by ASR (see table, p. 24). Turkey held its own as the area's wellspring, with $2.5 billion in fresh supply. Elsewhere, a new asset class popped out of Russia, which also drew talk of looming RMBS, an asset class that would debut in the country in the first days of the third quarter.

If this region stole the thunder from Latin America's cross-border securitization in 2005 (ASR, 01/23/06), it graduated to an entirely different league by June. On the cross-border front, Latin America came out with only $400 million of new securitized deals tracked by ASR in the first half of the year (see table, p.25).

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