Russia's first RMBS priced July 4, pulling just under 20 investors into its $74.2 million A tranche, including banks, fund managers and structured investment vehicles, according to a source close to the deal. Originated by Vneshtorgbank, the deal earned pricing of 100 basis points over one-month Libor, on the tight side of guidance. Barclays Capital and HSBC were joint leads. The notes had a legal final of 28 years and an average life of 3.6 years. Fitch Ratings and Moody's Investors Service rated the A piece BBB+' and A1', respectively.

The buyer base consisted mostly of banks, with a few being names that don't traditionally buy into European MBS, and were thereby more attracted to the transaction's status as an emerging-market deal. A single offshore U.S. account took a slice as well, with onshore U.S. money prevented from buying in as the transaction was only registered as a European Reg S.

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