Reflecting the tone of markets worldwide, the second half of the year was a tough time for issuance from emerging markets in the CIS (former Soviet Union countries) and in Turkey. Among the deals tracked by ASR, the total ABS volumes in these areas - including a couple of domestic Russian transactions - amounted to about $5.9 billion, a steep decline from $9.6 billion in 2006 (see table, p. 28-29).

The evaporation in global liquidity starting last summer was the main culprit in this slide. Indeed, ASR found only four deals closing in the second half of the year, all from either Kazakhstan or Russia. Turkey, which was the previous year's engine of activity in the region, was losing steam even before market conditions turned hostile.

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