It's lonely out there for Kazakh MBS 07. The only public existing asset deal from the country, it popped out mere months before the liquidity crisis made pricing untenale for originators.

The quarters that followed saw the credit squeeze abroad expose the dangers of Kazakh banks' overreliance on foreign funding. Meanwhile, an economic slowdown and shaky real estate prices at home - caused in part by a pullback in banks' own lending - put the spotlight on loans to troubled construction companies and on the shady handling of problem loans.

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