Arranger Unicredit Aton International hopes the anxiety of Western European investors will ease soon enough for them to consider a slice of a short-term cash CLO of Russian SMEs that closed at the end of December. "We are holding a small piece on a repo basis," said Dmitry Kozodoy, director of Aton's securitization department.

Kozodoy said the repo'd slice amounts to between a fourth and a third of the RUR2.3 billion ($94 million) senior tranche, which has a six-month expected maturity and an annual coupon of 10%.

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