Project description
and objectives:
|
The proposed securitisation project would refinance consumer loans originated
by Russian Standard Bank (“Originator”), thereby freeing up capital and
providing new funding to make new consumer loans in Russia. The EBRD would
subscribe to bonds issued against a securitised portfolio of Russian Standard
Bank’s consumer loans.
|
Transition impact:
|
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 Russian Federation regions, thereby
enabling Russian consumers to acquire consumer goods more easily and
contributing to increased demand and economic growth.
|
The client:
|
JSC Russian Standard Bank, the leading consumer finance bank in Russia.
|
EBRD finance:
|
As part of the securitisation proposed project, EBRD will invest in senior
and/or 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 270 million of senior and
mezzanine bonds (excluding the Originator provided finance) with EBRD
subscribing to up to approximately EUR 40 million of these bonds, and
international investors subscribing to the difference.
|
Total project cost:
|
EUR 300 million, including the Originator provided finance.
|
Environmental impact:
|
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.
|
Technical
cooperation:
|
None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
|
Company contact:
|
Andre Spark, SparkA@ebrd.com
Dobrin Staikov, StaikovD@ebrd.com
|
EBRD contact:
|
Charles Smith, Operation Leader: smithc@ebrd.com
|
Business opportunities:
|
For business opportunities or procurement, contact the client company.
|
General enquiries:
|
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
|
