RSB auto loan securitisation

Location:

Russia

Project number:

37386

Business sector:

Non-depository Credit (non bank)

Notice type:

Private

Environmental category:

FI

Target board date:

18 Oct 2006

Status:

Complete

PSD disclosed:

15 Sep 2006

Project Description

The proposed securitisation project would refinance retail auto loans originated by Russian Standard Bank (“Originator”), thereby freeing up capital and providing new funding to make new auto loans in Russia. The EBRD would subscribe to mezzanine and/or junior bonds issued against a securitised portfolio of Russian Standard Bank’s auto loans.

Transition Impact

Securitisation is an important source of refinancing. The proposed project would be one of the first and one of the largest car 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 auto financing more readily available, particularly in the Russian Federation regions, thereby enabling Russian consumers to acquire passenger cars 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

EBRD will invest in mezzanine and/or junior bonds denominated in Euro and securitised by a portfolio of auto loans originated by Russian Standard Bank. The transaction structure envisages the issuance of approximately EUR 300 million of senior, mezzanine and junior bonds (excluding the Originator provided finance) with EBRD subscribing to up to approximately EUR 25 million of the mezzanine/junior bonds, and other international and domestic investors subscribing to the senior and remaining bonds.

Project Cost

Up to EUR 350 million, including financing provided by Russian Standard Bank.

Environmental Impact

There are no environmental risks associated with the retail lending, therefore there will be no specific environmental requirements associated with this operation.

Technical Cooperation

None.

Company Contact

Levan Zolotarev, Senior Vice-President, Director Financial Markets

Tel: + 7 495 797 84 09
Fax: + 7 495 797 8440

Email: lzolotarev@bank.rs.ru

Maxim Timoshenko
International Business Department

Tel: +7 495 797 8404
Fax: +7 495 797 8440

Email: mTimoshenko@bank.rs.ru

 

Business opportunities

For business opportunities or procurement, contact the client company.

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