DeltaCredit Bank RMBS

Location:

Russia

Project number:

37916

Business sector:

Non-depository Credit (non bank)

Notice type:

Private

Environmental category:

FI

Approval date:

02 Apr 2007

Status:

Completed

PSD disclosed:

02 Mar 2007

Project Description

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.

Transition Impact

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.

The Client

ZAO DeltaCredit Bank, one of the leading mortgage banks in Russia, owned by Societe Generale, France.

EBRD Finance

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.

Project Cost

Approximately USD 215 million.

Environmental Impact

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.

Technical Cooperation

None.

Company Contact

Serge Ozerov, CFO

Tel: +7 495 960 3161
Fax: +7 495 960 3162

E-mail: sozerov@deltacredit.ru

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

Share this page: