Promsvyazbank becomes latest Russian RMBS debutant

Russia’s Promsvyazbank has closed its first ever securitization of mortgages, providing another sign of the growing asset-backed market in the country.

  • By Joseph McDevitt
  • 03 Jul 2013
Mortgage Agent PSB 2013 offered investors Rb2.5bn of class ‘A’ notes, which were rated Baa3 by Moody’s. The notes have a weighted average life of 3.43 years, assuming a conditional prepayment rate of 10% and conditional default rate of 2%. The senior tranche benefits from 23% credit enhancement, ...

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1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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5 Credit Suisse 16,754.47 44 5.28%