The global ABCP market has been gobbling up more product than ever from the CIS and Turkish emerging markets. Only two conduits, Panterra Funding and Orchid Funding Corp., have a tight focus on this world, but plenty of other international conduits have taken at least a smattering of EM structured paper.

Many bankers remain dubious that conduit funding for originators - especially sellers keen to have their assets warehoused - makes more economic or strategic sense than on-balance-sheet funding. Still, new EM-centered conduits are on the way, according to sources.

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