Turkey and the former Soviet Union republics branched out in new directions during 2006, producing $9.6 billion in ABS and MBS issuance tracked by ASR. While Turkey captured the highest volume, with $5.7 billion in deals, the underlying collateral lacked variety. Originators there tapped only diversified payment rights (DPRs). Russia supplied a more varied array of assets, with originators collateralizing residential mortgages, consumer loans, auto loans, leases and DPRs for a total of $3.4 billion in deals. For Russian mortgages and leases, it was the first time.

"The story of 06 was clearly Russia," said Daniel Mumzhiu, analyst of business development. "The volume of [structured finance] issuance was an 18-fold increase from 2005."

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