Often associated with energy and corporate lending more than housing, Russia's Gazprombank nonetheless has a sizable mortgage book ($1.9 billion), and three RMBS deals under its belt for a total RUR15.8 billion ($666 million). The issuer is also a pioneer of sorts, having been the first Russian originator to place a deal under Russian RMBS legislation in December 2006. Gazprombank's last RMBS was in June, when it closed a mixed euro/ruble deal for a total RUR6.9 billion via Barclays Capital Markets and its own arranging unit. Not surprisingly, since then public borrowing has been limited to a one-year, and a three-year, unsecured loan closed last March for a total $450 million.

ASR caught up with Igor Rusanov, head of structured and syndicated finance at Gazprombank, to discuss the challenges presented by the harsher climate and other issues particular to this emerging player in RMBS, and, perhaps in the not too distant future, auto loans. The interview was conducted by Felipe Ossa.

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