RBRU Diversified Payment Rights Securitisation

Location:

Russia

Project number:

43710

Business sector:

Non-depository Credit (non bank)

Notice type:

Private

Environmental category:

FI

Target board date:

26 Jun 2012

Status:

Completed

PSD disclosed:

27 Jun 2012

 

Translated version of this PSD: Russian

 Project Description

The EBRD is considering US$ 50 million investment in bonds issued as a part of RBRU’s first diversified payment rights (“DPR”) securitisation programme.

With a targeted total programme issuance of up to US$ 800 million alongside other investors, EBRD’s support for RBRU’s DPR securitisation programme will facilitate the post-crisis re-introduction of structured finance instruments to Russian issuers.

The funds from the transaction will support new mortgage lending to Russian households.

Transition Impact

EBRD’s participation in this transaction will have a strong demonstration effect of new ways to finance activities by supporting the first post-crisis DPR securitisation in Russia. It will also support mortgage lending by longer term finance sources, which remain scarce for the Russian banks.

The Client

RBRU ranks among top 10 banks in Russia. At end 2011, RBRU ranked 10th by total assets, 10th by equity, 11th by customer loans, 5th in terms of retail deposits and 6th by profit after tax among It has also successfully issued structured finance products in the past with auto-loan securitisation programme.

EBRD Finance

Investment in US$ 50 million bonds with a seven-year legal final tenor as part of a DPR securitisation programme set up by RBRU. The International Finance Corporation (IFC) has also invested US$ 75 million. The balance of US$ 50 million will be was financed by WestLB, the Arrangers.

Project Cost

US$ 175 million.

Environmental Impact

RBRU will be required to continue to comply with PR2 and apply PR9 to all its lending and investment activities. RBRU will also be required to submit annual reports on environmental and social matters and its compliance with PR 2 & 9 to the Bank.

Technical Cooperation

None.

Company Contact

Alexandr Ovchinnikov

E-mail: ir@raiffeisen.ru

Website: http://www.raiffeisen.ru
Tel: +7-495-7219900

 

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

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Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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