The launch of Russia's maiden cross-border RMBS from Vneshtorgbank (VTB) ushers in another first: International Finance Corp.'s Guaranteed Offshore Liquidity Facility (GOLF). The new product seeks to mitigate some of the same hazards of dealing with emerging markets as political risk insurance does, but officials at the multilateral are loath to call it PRI.

"In our view it's more a credit facility," said Kevin Kime, senior financial officer at the IFC. "It's not providing insurance or a guaranty against an event, but rather a guaranty of the originator's obligation to provide dollars for debt service offshore during a transfer and convertibility event (TCE)."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.