Russia's first auto-loan ABS priced last week, paving the way for the securitization of more onshore assets from this once forbidding terrain. Sized at $43.7 million, a five-year senior tranche priced at 175 basis points over one-month Libor, according to a source close to the deal. Boutique shop Greenwich Financial Services and Moscow Narodny Bank led the deal. Bank Soyuz is the originator. Moody's Investors Service rated the senior piece Baa3'.

The size of that tranche came below an initial projection of roughly $55 million because the estimate was based on the size of the loan pool at March 31.

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