The basic story behind future flow structures is that they continue to perform well even in the face of economic difficulties. This has been enough to reinforce interest from monolines who have been monitoring this structure since its inception.

"These deals tend to be so over-collateralized that there is plenty of room for a decline," said one analyst. "A number of credit card deals out of Turkey where the receivables declined [due to the fall in tourism] are still performing well because they were three to four times over-collateralized. The blow was significant to cause worry initially, but not enough to actually affect the deals."

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