The Russian bear still has an unmistakable limp. A fragile economy, spooked consumers and the absence of foreign investors are undermining the return of RMBS, but, given the brutal conditions, the performance of deals has held up relatively well.

Facing its most severe recession since the catastrophic financial crisis of 1998, the country saw its economy shrivel annually by 10.9% in 2Q09, the steepest drop on record.

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