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VTB Capital completes RUB 4.69 billion securitisation deal for Credit Bank of Moscow

17.06.2014

VTB Capital has successfully completed a RUB 4.69 billion securitisation deal for Credit Bank of Moscow’s mortgage portfolio. The securities were placed among Russian investors outside the scope of the government’s mortgage assistance programmes.

Moody's has assigned a credit rating of Baa3 (sf) to the RUB 3.7 billion senior tranche. Pension fund managers, as well as investment and insurance companies, have expressed an interest in the placement. During the book formation, investors submitted applications with coupon rates ranging from 10.45% to 11.00% per annum. The marketing range has been revised from the initial 10.25-11.00% to the final 10.50-10.65%. Demand for the bonds in the final range exceeded RUB 4.3 billion.

According to the marketing results, the issuer decided that the interest rate for the first coupon would be 10.65% per annum. Bids for subsequent coupons will be equal to the first coupon.

The Agency for Housing Mortgage Lending (AHML) was the backup service agent in the deal.

Andrey Suchkov, Head of Securitisation at VTB Capital, said: "VTB Capital continues to actively develop its securitisation business, particularly for mortgage financing operations for leading Russian banks. This is the first deal completed by VTB Capital’s team for Credit Bank of Moscow and I am confident that the success of this transaction will ensure our long-term, mutually beneficial partnership. The order book was oversubscribed, which is considered a notable success given the current market conditions. The growing investor interest in high credit quality mortgage bonds made it possible to place the bonds about 40 b.p. unsecured inside curve originating bank."

VTB Capital, the Investment Business of VTB Group, is one of the three strategic business arms of VTB Group, along with the corporate and retail businesses. Since its foundation in 2008, VTB Capital has taken part in more than 470 ECM and DCM deals, which were instrumental in attracting more than USD 195bn worth of investments to Russia and CIS.

VTB Capital offers a full range of investment banking products and services to Russian and international clients, focusing on arranging operations in the debt, equity, global commodities markets, developing investment and asset management, advising clients on M&A and ECM deals in Russia and abroad. VTB Capital operates in Moscow, London, Singapore, Dubai, Hong Kong, Sofia, New York, Paris and Vienna, with headquarters in Moscow.

VTB Capital holds top positions in the debt and equity capital markets in Russia and CIS according to the league tables for 2011 and 2012 by Dealogic and Bloomberg. In 2011 and 2012 VTB Capital research team was ranked #1 in Thomson Reuters Extel Survey and Institutional Investor All-Russia Investor Survey.

This press-release does not constitute an offer to the public or an advertisement of securities in the Russian Federation, is not an offer or an invitation to make offers, to purchase securities in the Russian Federation and must not be passed on to third parties or otherwise made publicly available in the Russian Federation.

Press Office

Vadim Bely86.98.102.108.113.51.72.108.116.130.74.129.128.111.113.112.128.122.134.116.128.67.121.134.133 

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