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