To date, securitization in eastern Europe has been a very occasional affair. Turkey has seen a few future-flow transactions, Hungary has a relatively developed domestic mortgage bond market, but you can count the number of other transactions on the fingers of two hands. However, the market should pick up this year.
In Poland, Bank Zachodni WBK is preparing an innovative transaction that will securitize the receivables of several municipal authorities. The first tranche of the deal is likely to be around Zl100 million ($27 million) in size, though Albin Pawlowski, director of capital markets at BZ WBK, says the total could be increased to around Zl1 billion.
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