Latin American ABS and MBS held on last year thanks to domestic markets. As cross-border demand receded further, local investors remained a major force.

This, in part, explains why activity from the region fared so much better than the emerging markets on the periphery of Europe. Where the cross-border buy side was either in retreat or too demanding and domestic markets were undeveloped - e.g. Turkey and the CIS - activity crumbled.

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