EEMEA market round up: Kazakh RMBS deal sets benchmark
BTA Ipoteka became the first Kazakh bank to issue a securitization of residential mortgage loans in the international public markets.
The deal raised $141.4 million. The structure incorporates a political risk interest payment contract, which allowed Fitch to rate the class A notes one notch above the country ceiling. Additionally, the structure includes a balance guaranteed interest rate swap.