This week, onshore American investors will have their first opportunity to get a taste of Russian RMBS. That's when CityMortgage Bank is expected to issue the first 144A-registered transaction from this asset class, according to a source familiar with the transaction. Reg S-registered as well, the deal is also open to Europeans.

Led by Greenwich Financial Services and MNB Capital Markets, a unit of Moscow Narodny Bank, the $73.9 million bond is divvied into a $64.3 million senior tranche, a $6.4 million B class, and a Z piece worth $3.2 million. Moody's Investors Service has rated the senior slice 'Baa2' and the B piece 'B1'. The average life of the senior notes is between three and four years, while the legal final stretches out to 2033.

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