There have been Russian MBS transactions before but these have been cross-border transactions issued in dollars. AHML, which is politically motivated to develop a local MBS market, hopes its debut deal will encourage others to issue locally.
“A lot of originators have big portfolios and the benefit of the Russian MBS market is that transactions will be cheaper than offshore deals,” says Natalia Koltsova, director, structured finance, at AHML in Moscow. “In addition, European and US investors can buy Russian securities and we are seeing a lot of demand for rouble-denominated assets.
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