Talk of a securitization coming out of Russia is nothing new but recent evidence suggests that some major companies are again looking at the technique as a way of raising finance. This may raise eyebrows among hardened ABS aficionados, but rumors abound that Russian firms with major export revenues are back in discussions with ratings agencies and banks to see if, this time, a transaction can be launched out of the country.

In 1998, some of the major oil and gas exporters made attempts to launch deals that made use of securitization techniques, but one by one these fell by the wayside. Two of the biggest oil companies, Yuksi and Lukoil, mandated Chase Securities to arrange transactions for them (ASRI, 4/6/98 p.1), and gas giant Gazprom also made an attempt at a deal.

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