ABS devotees involved in the emerging markets east of Europe faced headache after headache last year.

At least one major problem morphed into a positive during the year, as the orderly winding down of major Kazakh programs backed by diversified payment rights (DPRs) in the face of their originators' restructuring proved a vindication of the asset class. A smaller program by Alliance is in the process of amortization, while the bank has defaulted on other debt.

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