In the emerging markets at the edges of Europe, 2011 did not generate much excitement for global structured finance players; many of the deals that did go cross-border were purchased by multilateral banks. This is understandable given the crisis engulfing their neighbors.

But Stefan Bund, managing director in WestLB's securitization group, said he was bullish on the prospects for Turkey and Russia in 2012. "The global shift toward secured funding is hitting EM, and therefore structured finance is becoming an important tool," he added.

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