Cross-border emerging market issuance shifted on a tectonic scale last year, as new markets sprouting in the East fueled a migration of players from Latin America to Turkey, the Middle East and the ex-Soviet Union. To be sure, not everyone set sail, as Latin America produced roughly $3.2 billion in issuance (see table, p. 20). But that included a funding facility and amendment change on an existing deal and, even then, the region's total came well below the $7.6 billion that burst out of the landscape known as EEMEA (see table, p. 18). Turkey alone cranked out $5.52 billion.

"After years of hard work and investment, the Turkish market really took off, and it demonstrated the power of the technology to lengthen and improve the efficiency of financing the Turkish banking sector," said David McCaig, head of European ABS and commodity finance at WestLB, which kept busy there and in Kazakhstan.

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