In the past few quarters Russia has raced past one milestone in structured finance after another. The most recent is a ruble-denominated RMBS. Arranged by Gazprombank and backed by a geographically diverse pool, the RUR3 billion ($113 million) deal is to be sold to brokerage Commerce Investments, which will parcel it out to investors. The transaction carries a 30-year legal final and Baa2' from Moody's Investors Service. It is timed to price sometime next month.
While new to Russian RMBS, a local-currency denominated structured deal has already been done in the broader existing asset marketplace. A variety of rail stock leasing companies originated a RUR13.8 billion transaction that came out in March.