So far in 1998, the volume of new securitised deals has not kept pace with grandiose market expectations. Each offering can differ considerably from the next, and risk analysis can be lengthy. As a result, volume is seen accelerating in 1999.

``Most of the activity will be done in the first six months of next year,'' Tokyo-based vice- president and senior credit officer John Speaks at Moody's Investors Service Inc, said of the deals now percolating. ``You do have a high degree of risk,'' he said. ``You're-talking about countries with undeveloped legal and regulatory systems,'' he said.

``It's pretty dicey. Nevertheless, there's a lot of desire to do these deals and where there'sdesire there's usually a way.'' Asset-backed securities (ABS) can be structured to insulate investors from currency and credit risk. Southeast Asian issuers will pay a premium, but not nearly as high as the cost for issuing straight debt. Another draw for buyers is that the revenues would be kept offshore.

Deals in talk include securitisations of future credit card receipts, export revenues, real estate and airline tickets. Thailand, Malaysia, Hong Kong and Korea are all working on deals securitising performing assets, sources said. ``Each one of these deals in each one of these countries requires a fair amount of work to get the first deal done,'' said, managing director Alvin Hageman of global securitisation at Citicorp Securities Inc.

Combined with credit difficulties, it means the revving up process is gradual, and a host of legal and structural matters, varying by nation and issuer, mean that deals get done selectively, he added.