The Federal Republic of Germany?s securitization of e5 billion of Russian Federation Paris Club debt is a landmark transaction.
The deal creates the largest ever emerging-market bond. Arranged and underwritten by Goldman Sachs and Deutsche Bank, it provides Germany with over e5 billion of revenues while shifting the risk that the Russian debt represents off its balance sheet.
Germany sold $2.4 billion of 10-year dollar-denominated bonds, e2 billion of three-year floating-rate notes, and e1 billion of five-year fixed-rate notes.
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