Dresdner Kleinwort expects to close a consumer loan securitization from Kazakhstan this year, according to Sandeep Reddy, vice-president of the securitized and principal finance group. The deal will be in dollars, while the collateral - reflecting the makeup of the asset class in general - is a mix of dollars and tenge. "So we'll have the requirement of a medium-term tenge-dollar swap," Reddy said.

Kazakh banks are looking primarily for dollar funding, and securitizable assets are largely in, or indexed to, dollars. But that is changing. "[Consumer loans] are becoming more tenge-denominated as the currency strengthens, and people grow more comfortable with the local currency," Reddy said.

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