Moody's Investors Service predicts that structured finance activity in the new markets of Europe, the Middle East and Africa (EMEA) will be hampered for some time.

"A full recovery to pre-crisis issuance volumes in these regions will depend on the timing and robustness of a global economic recovery," the agency said in a report. Still, Moody's expects a number of transactions to surface this year as Central Banks accept structured notes as collateral for repos and new pockets of opportunity take shape, such as covered bonds out of Turkey and Russia.

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