Privatbank, the country’s largest financial institution, kicked off international issuance with a $180 million residential mortgage-backed securitization via UBS.
Ukraine Mortgage Finance No 1 had to overcome several obstacles that had stymied ABS issuance from the country. Primary among these was the fact that even the best Ukrainian credits still have sub-investment-grade ratings. Ba2/B rated Privatbank successfully hurdled that barrier with the help of political risk insurance from Zurich Emerging Markets Solutions, which enabled the $134 million senior tranche to achieve the...
