Russia's ABS sector is getting a jolt from an unlikely corner of the world: Greenwich, Connecticut. That's the base of boutique shop Greenwich Financial Services, which has teamed up with the brokerage arm of Moscow Narodny Bank, MNB Capital Markets, to jointly lead an auto-loan backed bond for Bank Soyuz.

"This is the first true-sale securitization in Russia," said William Frey, president of Greenwich. "It works in a similar manner as closed pool auto deals and MBS work in the United States."

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