Project description
and objectives:
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Part I of the proposed project would refinance consumer loans originated by
Russian Standard Bank, thereby freeing up capital to make new consumer loans
in Russia. EBRD would subscribe to bonds issued against a securitised
portfolio of Russian Standard Bank’s consumer loans. Part II of the proposed
project is a rouble-denominated senior term loan to Russian Standard Bank of
USD 30 million equivalent, to be used for making new consumer loans in Russia.
Russian Standard Bank is the leading consumer finance bank in Russia and has a
strong commitment to making consumer finance available in the regions of
Russia, where it now originates over 80% of its new loans.
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Transition impact:
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Securitisation is an important source of refinancing; the proposed project
would be one of the first securitisations in countries of the Bank’s operation
and would accelerate the development of the Russian capital markets by
introducing a new asset class. It would also make consumer financing more
readily available, particularly in the regions, thereby enabling Russian
consumers to acquire consumer goods more easily and contributing to increased
demand and economic growth.
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The client:
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JSC Russian Standard Bank, the leading consumer finance bank in Russia.
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EBRD finance:
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In Part I of the proposed project, EBRD will invest in mezzanine bonds
denominated in Euro and securitised by a portfolio of consumer loans
originated by Russian Standard Bank. The transaction structure envisages the
issuance of approximately EUR 25 million in mezzanine bonds with EBRD
subscribing to approximately 35% (EUR 8.5 million) and the Originator and/or
international or commercial financial institutions subscribing to the
difference. Part II of the proposed project, EBRD will provide to Russian
Standard Bank a bi-lateral senior term loan facility of USD 30 million
equivalent denominated in roubles.
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Total project cost:
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Part I: Approximately EUR 25 million; Part II: USD 30 million equivalent
denominated in roubles.
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Environmental impact:
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The environmental issues associated with consumer financing are extremely
limited and hence Russian Standard Bank will not be required to implement the
Bank's financial intermediary environmental procedures for this operation.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Andre Spark, EBRD.
Email: sparka@ebrd.com
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EBRD contact:
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Yerbolat Rakhmetov, Operation Leader: rakhmety@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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