AHML Takes Part in Securitization of VTB 24, GBP Mortgage Portfolios
OREANDA-NEWS. The Agency for Housing Mortgage Lending (AHML) acted as the guarantor for the balance issues of mortgage-backed bonds of Gazprombank (Open Joint Stock Company) and Bank VTB 24 (JSC) within Vnesheconombank's programme of investing in affordable housing construction and mortgage projects for 2010-2013.
Within implementation of the transaction, the issuer Gazprombank (JSC) issued two tranches of housing bonds (A Class and B Class), secured by a mortgage loans portfolio maintained by Gazprombank. The total size of the placed issues amounts to 7 billion roubles, including A Class bonds - 4.67 billion roubles, and B Class bonds - 2.33 billion roubles. The coupon rate for A Class bonds is set at 9% per annum. The coupon rate for B Class bonds is set at 3% per annum. The Bonds are to be repaid in full on April 27, 2048.
Within implementation of the transaction by the issuer Bank VTB24 JSC, two tranches of housing bonds (A Class and B Class), secured by a mortgage loans portfolio maintained by Bank VTB 24, have been issued. The total size of the placed issues amounts to 5.7 billion roubles, including A Class bonds of 7-IP Series - 3.8 billion roubles., and B Class bonds 7-IP Series - 1.9 billion roubles. The coupon rate for A Class bonds is set at 9% per annum. The coupon rate for B Class bonds is set at 3% per annum. The Bonds are to be repaid in full on December 6, 2044.
The guarantee implies a joint and several responsibility of AHML for the bond issuers' liabilities to pay the nominal value of the bonds and accrued interest (coupon) income derived from them.
"In connection with the sanctions imposed, some of the banks participating in Vnesheconombank investment programme applied to AHML with a request to grant the guarantee. AHML can grant such guarantees for mortgage-backed bonds, the issuers of which are not only mortgage agents, but also credit institutions as well. Participation of AHML as a guarantor allowed to prepare the issues of the bonds within the period stipulated by Vnesheconombank's program, and to ensure fulfilment of obligations of the banks as participants of the program," says Natalia Koltsova, Executive Director, Manager of the AHML Capital Division.
Today, the amount of guarantees issued by the Agency on mortgage-backed bonds is over 23 billion roubles, including the transactions of Gazprombank and VTB24.
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