Project description
and objectives:
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The proposed securitisation project would refinance residential mortgage loans
originated by DeltaCredit Bank (“Originator”), thereby freeing up capital and
providing new funding to make new mortgage loans in Russia. The EBRD intends
to subscribe to mezzanine and junior bonds issued against a securitised
portfolio of Originator’s mortgage loans.
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Transition impact:
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Securitisation is an important source of refinancing. The proposed project
would the largest mortgage loan securitisations in countries of the Bank’s
operation and would accelerate the development of the Russian capital markets
by widening the investor base for this asset class. It would also make
mortgage financing more readily available, thereby enabling Russian citizens
to acquire homes more easily and contributing to increased stability and
economic growth.
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The client:
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ZAO DeltaCredit Bank, one of the leading mortgage banks in Russia, owned by
Societe Generale, France.
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EBRD finance:
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EBRD intends to invest in mezzanine and junior bonds denominated in US Dollars
and secured by a securitised portfolio of mortgage loans originated by
DeltaCredit Bank. The transaction structure envisages issuance of several
classes of bonds with EBRD intending to subscribe to up to approximately USD
20 million of the mezzanine/ junior tranches of bonds alongside international
investors.
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Total project cost:
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Approximately USD 215 million.
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Environmental impact:
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The project has been classified as a financial intermediary (FI). The
environmental risks associated with the operation and the potential portfolio
are low. DCB is in compliance with EBRD’s Environmental Procedures for the
Residential Mortgage Lending.
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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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Serge Ozerov, CFO
Tel: +7 495 960 3161
Fax: +7 495 960 3162
E-mail: sozerov@deltacredit.ru
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EBRD contact:
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Charles Smith, Operation Leader: smithc@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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