Nudging along the nascent business of Russian future flows, Merrill Lynch led a $225 million, five-year final securitization of credit card receivables last week, the first market-based banking securitization from the country. The originator was Rosbank and demand at the final yield of 9.75% prompted an upsize from an initial $150 million. The pricing was Oct. 26, settlement Nov. 3.

While merely a single rung over the corporate rating, the structure managed to attract buyers that may not have looked at plain paper from the single-B level bank. "Some structured funds bought in that wanted Russian exposure and were probably not comfortable with taking it straight," said Alex von Sponeck, a director of emerging market structured finance at Merrill.

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