As the subprime crisis metastasized into a global liquidity crunch last year, Russian banks stopped issuing cross-border structured deals.

A number of originators turned to warehousing assets, hoping the facilities would go to term in the foreseeable future. But the market still hasn't returned, and some are finding the step-up coupons for warehouse rollover to be steep - a few hundred basis points over Libor, by most accounts.

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