Russian middle-tier bank Vozrozhdenie is in the local market with a ruble-denominated RMBS, the first time the issuer has tapped this market. Rated 'Ba3' by Moody's Investors Service, the bank itself is not controlled by the government, making it an anomaly in the current environment.

"This is the first RMBS from a standalone, not-government-related bank post-crisis," said Olga Gekht, a senior analyst at Moody's.

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