With originators from the Commonwealth of Independent States unwilling to accept today's spreads in the primary market, warehousing remains the name of the game. But the word is that certain Western banks, grappling with capitalization issues, have ceased loading assets onto their balance sheets from Russia and its neighbors. This is not so for Unicredit.

The European bank has closed an auto loan facility for Moscow Bank for Reconstruction and Development (MBRD), with initial issuance of notes pulling in nearly RUR1.50 billion ($61 million) for the Russian originator, according to sources close to the deal. The facility can fund the equivalent of another $140 million in notes over the next 12 months, according to MBRD's Web site.

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