St. Petersburg, 9 December 2016. Eurasian Development Bank (EDB) received Cbonds Awards for the best initial placement in the securitisation market as the arranger of a bond issue for SFO PSB MSB 2015, a special purpose vehicle of Promsvyazbank. The awarding ceremony took place at the Russian Bond Congress in St. Petersburg on 9 December 2016.
In September 2016, EDB co-arranged Russia's first SME loan securitisation project. The arranger and anchor investor was SME Bank. SFO PSB MSB 2015, set up to ensure Promsvyazbank's SME loan securitisation, placed collateralised bonds (Class A) for a total of RUB 7 billion. The monthly coupon was set at 10.25% per annum. Moody’s Investors Service rated the bonds at Baa3, one notch above the sovereign rating. Credit support for senior bonds was provided by Promsbyazbank in the form of a subordinate loan. In addition to SME Bank and EDB, the participants in the issue were the International Investment Bank and the Region Management Company.
Additional Information:
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
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EDB co-arranges Russia's first SME loan securitisation project
