Bank News

SME Bank and Promsvyazbank Have Completed Russia's First Project to Securitize Loans to Small and Medium-Sized Businesses

23 Сентября 2016
 SME Bank and Promsvyazbank have successfully Russia’s first projects to securitize loans for small and medium-sized businesses. Specialized financial society PSB MSB 2015 LLC established as a special-purpose vehicle to securitize Promsvyazbank's portfolio of SME loans placed collateralized bonds (class A bonds) for a total amount of RUB 7 billion.  
 
SME Bank acted as the organizer of the transaction and the anchor investor, with legal and tax support provided by Baker & McKenzie and Svyaz-Bank engaged as a reserve service agent.
 
The monthly coupon rate on the class A bonds is set equal to 10.25% p.a. The bonds were rated by Moody’s Investors Service at Baa3.
 
Dmitry Golovanov, Chairman of the Board at SME Bank, commented: “SME Bank plans to provide full range of services for this kind of projects to securitize SME loans in Russia. In this project SME Bank participates as a deal maker, key investor and a settlement agent, it also plans to provide liquidity upon the security of bonds (REPO) and act as a market-maker for such type of bonds”.


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