Emerging markets have stumbled into a volatile patch, with some leading stock indices and currencies down by double-digit rates over the last few weeks. But ABS from the Eurasian corner of the EM world seems undeterred, thanks in no small part to firm monoline appetite.

Kazakhstan's Kazkommerstbank (KKB) closed a $200 million wrapped bond backed by diversified payment rights (DPRs) last week, while Turkiye Vakiflar Bankasi (Vakifbank) will soon print DPR paper for $815 million, according to sources.

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