OREANDA-NEWS. On December 05, 2007 Russian Standard Bank (Fitch BB- Stable, Moody’s Ba2 Negative, S&P BB- Stable), the leading private-owned provider of consumer credits and the largest provider of credit cards in Russia, has announced the successful closing of an asset-backed transaction for a Russian credit cards receivables portfolio (the "Securitization"), reported the press-centre of Russian Standard Bank.

The Securitization transaction is the biggest and only the second securitization of credit card receivables in the Russian market. The transaction was structured and arranged by ABN AMRO N.V. (“ABN AMRO”) and UniCredit (“HVB”). The transaction is a master trust structure which will enable the issuance of future notes via the same structure. The securitization funding comes in the form of rouble denominated notes issued by Russian Credit Cards No.1, SA. Moody’s Investors Service assigned a senior notes rating of Baa1. Moody’s rating assigned to the Notes addresses the expected loss posed to investors by the legal final maturity.

“We are proud to have originated another innovative and ground-breaking transaction within the Russian securitization market. The credit card business is very important to us and the establishment of this master trust will increase our funding options linked to a key and growing business line”, comments Levan Zolotarev, Senior Vise-President of Russian Standard Bank.
The transaction will permit RSB to issue notes with different structural characteristics in the future via new issuer vehicles within the purchaser vehicle Russian Credit Cards Master Trust SA. The debut transaction is arranged to finance a total amount of over RUR12.5 billion of the bank’s assets at a competitive rate.

“Given the growth in the Russian credit card market, it is exciting that the market-leader has establishment a master trust. We have been able to utilize our US and Western European credit card securitization experience and successfully adapted it for the maturing Russian market for the second time. Russian Standard Bank is the dominant player at the Russian credit card market and the master trust will enable the Bank to support and grow a business line which has flourished in the last few years”, comments Fazel Ahmed, Managing Director, Head of Emerging European Securitization at UniCredit in London. ”It is testament to the management and strategy of Russian Standard Bank that it has been possible to structure an innovative securitisation to achieve significant financing in spite of current conditions in the international capital markets. With funding diversification important in the current circumstances we expect this financing program to contribute to RSB's long term competitiveness in the Russian retail segment”, comments Gary Watmore, Executive Director, Head of Emerging Markets Asset Securitisation at ABN AMRO in London.