Russia, Turkey and neighboring emerging markets saw only scattered ABS issuance last year, and that largely depended on support from government-linked institutions, development banks or regular bank funding. Bond investors were mostly absent.

It is not clear whether they will come back in much force next year. In the case of Turkish deals backed by diversified payment rights (DPRs), originators will not accept the level of spreads that market investors have been requiring since the crisis broke out. Still, both sides are closer to a consensus than they were mid last year, said a source at a Turkish originator. This could mean that bond buyers will come back in 2011.

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