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25.07.07

RZB Group closes benchmark securitisation in Russia.

  • USD 179 million Residential Mortgage Backed Securitisation (RMBS)successfully closed
  • Underlines Raiffeisen’s strong origination position and securitisation capabilities in Russia

A securitisation of mortgage loans in the amount of USD 179 million,originated by Russian commercial bank Moskommertsbank LLC (MKB), hasbeen closed successfully. The transaction has been lead managed by HSBCBank PLC and Raiffeisen Zentralbank Osterreich AG (RZB) with ZAORaiffeisenbank Austria, Moscow, being Joint Arranger. In the course ofthe transaction, a special purpose vehicle (SPV) will issue threeclasses of notes to refinance the warehousing transaction, used to fundthe purchase of a portfolio of mortgage loans originated by MKB. Thenotes issued by Moscow Stars B.V.– an SPV incorporated under Dutch law – have been rated by Moody’s Investor Service Ltd and Fitch Ratings Ltd.

“This deal marks one of the largest RMBS transactions in Russia to date. The good quality of the underlying portfolio, strong structural features and MKB''s strict underwriting criteria supported the successful closing”, said Patrick Butler, Board Member of RZB, responsible for Treasury and Investment Banking. “This is a remarkable success in a tough market.”

The securitised mortgage loans are US dollar-denominated and carry fixedinterest rates. These loans are granted to prime retail borrowers andare secured by mortgages on properties in Moscow and Moscow region.

MKB is one of the most successful residential mortgage lenders, rankingtop 3 in terms of both disbursement and mortgage portfolio size in 2006.

Raiffeisen Zentralbank Osterreich AG (RZB) is the central institution ofthe Austrian Raiffeisen Banking Group, the country''s largest bankinggroup. It is a leading corporate and investment bank in Austria and alsoconsiders Central and Eastern Europe (CEE) as its home market. RZB isthe only Austrian bank with a global network of business units reachingall important finance centres around the globe. It is also present inAsia via its branches and representative offices.

Via listed subsidiary Raiffeisen International Bank-Holding AG, RZBoperates the largest banking network in CEE. 18 markets are covered bysubsidiary banks, finance leasing companies and two representativeoffices. Approximately 12.5 million customers are attended to throughmore than 2,900 business outlets.

For further information please contact Lars D. Hofer (+43-1-71 707-1930,lars.hofer@ri.co.at)

http://www.rzb.at,http://www.ri.co.at

 

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