Securitizations out of Eastern Europe, the Middle East, Africa and the ex-Soviet Union totaled 6.9 billion ($8.1 billion) over the first 11 months of 2005, according to a report by Standard & Poor's. That figure for the region, commonly known as EEMEA, was a dramatic upswing from the 3.5 billion posted during all of 2004 and 2.1 billion for 2003.

Future flow structures are the most popular among EEMEA issuers, which S&P ascribes to the fact that they help shield against the credit risk posed by the sovereign where the originator resides. Indeed, a securitization typically hoists a deal beyond the sovereign ceiling.

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