Over the last several months, Russia and other countries of the Commonwealth of Independent States have engaged in protracted battles to manage the depreciation of their currencies. Some have been more successful than others, but all have fewer resources to keep the fight going than they did only late last year.

This has upped the ante for a cluster of structured, existing-asset deals from Russia, Kazakhstan and Ukraine, primarily backed by mortgages and auto loans. With collateral in dollars and borrowers' income most often in local currency, an appreciating dollar is making payments harder for borrowers to honor.

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