By dint of geography, London-based bankers are naturally dominating the Russian RMBS game, but not all players on this side of the pond are content to watch. Connecticut-based Greenwich Financial Services, which has one Russian RMBS under its belt, has paired up with Washington's Overseas Private Investment Corp. (OPIC) to create a multiseller warehousing facility.
OPIC announced last week that it would give $200 million to the vehicle, which has been set up by Greenwich. The facility could crank out upward of $1 billion in RMBS, OPIC said in a press release. A source familiar with the transaction said that, annually, issuance could far exceed the $1 billion.