An unusual deal from Russia came to light last week. The first public trade receivables ABS to be rated by Standard & Poor's, this transaction collateralizes factoring invoices that are denominated in rubles. It formally closed in December, but the parties involved apparently decided to go public with it a month later.

According to web site www.cbonds.info, which tracks Russia's fixed-income market, placement of the deal ended in January. The arranger, Deutsche Bank, could not be reached for comment. Bank VTB Europe was a co-lead. Eurokommerz, the originator, has a 22% share of the factoring market in Russia by receivable volume, the largest portfolio in the industry.

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