Before last week, a consistently muscular showing from Russia's existing assets had knocked future flows from the country out of the ring. Now two issuers, MDM Bank and Alfa Bank, are hitting back with transactions backed by diversified payment rights (DPRs). Dresdner Kleinwort Wasserstein and Merrill Lynch are joint leads on both transactions.

First up is a roughly $400 million deal from MDM, slated to price late last week after press time. With a five-year legal final and 2.5-year average life, the deal has a euro and dollar tranche. The final volume will most likely be an allocation in each denomination, according to a source close to the deal. Moody's Investors Service rated the transaction Baa3'. The agency rates the originator's long-term foreign currency deposits Ba2'.

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