The liquidity crunch still has a chokehold on the cross-border EM market. Nothing has come to light since Banco de Credito de Peru closed an Ambac-wrapped deal backed by diversified payment rights (DPRs) via Standard Chartered in early August. The only issuance that has generated any talk since then is a wrapped DPR from Kazakhstan's Bank TuranAlem. Despite enthusiasm earlier this year for the oil-rich nation's growing use of securization, the deal apparently couldn't wedge through a window that has effectively been sealed shut since BCP, market sources said. There is speculation that a private deal was done, but bankers from neither arranger would comment.

It's no shock that Emerging Europe and Turkey have been no-shows, when even Western European product is trickling through, at best, and reportedly being snapped up for the most part by the same banks leading the deals. Similarly, warehousing with Western banks is the name of the game for existing asset originators in the former Soviet Union.

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