The first Russian deal backed by diversified payment rights is expected to embark on a road show this week and issue shortly thereafter, but securitization devotees eager for a never-before true sale in Russian future flows will have to wait longer, according to a source familiar with the deal. That's because the five-year final, $300 million transaction from Alfa Bank is a loan-pledge structure along the same lines as a $300 million credit card deal originated by Rosbank and $1.25 billion in secured export notes floated by gas titan Gazprom.

Russian issuers have already shattered the true sale barrier in the arena of existing assets, but players say achieving the same for future flows from that country is far trickier.

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