Russia’s Vozrozhdenie Bank is coming to market with a RUB 7.4 billion securitization of residential mortgages, it’s fifth to date, according to Moody’s Investors Service.
The securitization trust, Mortgage Agent Vozrozhdenie 5, is incorporated as a mortgage agent under the law of the Russian Federation. It will issue one class of RUB-denominated notes to finance the purchase of loans originated by Vozrozhdenie Bank. This tranche is rated Baa3 by Moody’s. Part of the pool purchase will be funded by a subordinated loan provided by Vozrozhdenie Bank; this loan is unrated.