Help or hindrance?


Since the global financial crisis finally caught up with Russia in the second half of 2008, the country's nascent securitisation market has been a notable victim. In particular, the collapse in the value of the Russian rouble - which slumped 57.5% from a peak of 23.13 against the US dollar on July 16, 2008 to 36.43 on February 19, 2009, according to the Russian central bank - has had a marked impact on the cross-border securitisation market.

According to Moody's Investors Service, issuance from

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