When it comes to structured finance, the ex-Soviet Union is becoming what Mexico was a few years ago, as the region's infant structured finance area is undergoing a growth spurt with a number of debuts. Last week, Kazakhstan closed its first-ever public RMBS, while Societe Generale threw its hat into the Russian existing-asset ring.

Originated by BTA Ipoteka (BTAI), a unit of TuranAlem, the Kazakh deal breezed by the subprime tornado rattling the U.S., but its association with emerging markets incurred a cost, according to a source familiar with the transaction. ABN AMRO was the sole lead (ASR, 3/5/07).

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