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Peter Eastham of Standard & Poor's explores some of the benefits of developed securitization markets, and examines the roadblocks to be overcome for the continued development of securitization in the Asian markets

Structured finance issuance worldwide in 2005 reached $3.7 trillion. In the first quarter of 2006 alone issuance grew 23% year on year.

An abstract definition of Public-private partnerships (PPPs) would classify a PPP agreement as any joint venture between a public body and a private company, typically involving the joint ownership of a special purpose vehicle (SPV) established under company law, to work in collaboration on a variety of projects. PPPs are a type of public procurement akin to traditional types of public contracts. What differs is the financial aspects of the agreement and the precise transfer of risk in the contractual relationship. This means that the PPP market is effectively a new market. A recent Greek law (Law 3389/2005) introduces the first regulation on PPPs in Greece and opens the market to this new type of public procurement.

The CSRC is to issue new administrative rules on the merger and acquisition of listed companies. The draft of the new rules completed a routine public review on May 31 2006 and is expected to be issued very soon. As a participant in the drafting of the new rules, we believe it will have significant influence on the Chinese market.

Although banks have been leading new securitizations so far in Russia, the railroad monopoly Red Arrow has come to market with the country's first transaction backed by lease receivables, says Kathryn Wells of Euromoney magazine

Andrew Carmichael and Andrei Murygin use landmark deals to explain the different methods for securitization in Russia, and to map the future

Japan

The Portuguese legislator has provided the framework for issuing mortgage-backed bonds. Now it's up to the market to respond. By Pedro Cassiano Santos and Hugo Moredo Santos of Vieira de Almeida & Associados