CBM debut shows securitization’s worth amid Russian volatility

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By Tom Porter
18 Jun 2014

Credit Bank of Moscow became the latest debutant in the Russian RMBS market this week, placing its deal with private investors and demonstrating the product’s value to the country’s banks in volatile markets.

Credit Bank of Moscow sold Rb3.4bn (€73m) of ‘Class A’ 25 year maturity bonds, rated Baa3 by Moody’s, at an annual coupon of 10.65% this week through arranger and placement agent VTB Capital, in addition to retaining Rb984m of ‘Class B’ bonds.

“For the bank it was very ...

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