The focus of more than few cross-border players in emerging market structured finance made a hemispheric shift in the latter half of 2004 from Latin America to Russia and the Middle East, namely Turkey. It wasn't that Latin American activity had petered out. Brazil, for instance, produced a few respectable transactions. It was simply that the largest, most headline-grabbing deals were all flowing from the other side of the globe and the Latin American product making the rounds in the cross-border arena
didn't offer much novelty in terms asset class or structure.