A Ukrainian bank has launched its - and the country's - second existing asset deal. Regardless of whether lead arranger UBS will hit up institutional investors or underwrite until sunnier times bring tighter market pricing, the transaction will be a step forward for an emerging market country that's an infant in securitization.

Meanwhile, across the ocean in Mexico, an emerging market that's a lot more grown up is finding its steps into ABS are more fraught. Trouble in real estate deals - not of the subprime kind, mind you, but still trouble - has led to yet higher spreads and a more muscular role of state agency Sociedad Hipotecaria Federal.

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