Russia wakes up to ABS

Asset-backed securities are riding high in Russia. Issuance in the region grew from next to nothing in 2005 to EUR3 billion in 2006. While still a minnow in global terms, the scale of Russia's economy and its population - more than 140 million - mean that its potential marks Russia's ABS market as one of the most exciting in the world.So what changed to bring the market to life? "Securitisation hasn't got easier in the past year in Russia, it's simply that the economic drivers for securitisa