OREANDA-NEWS. December 22, 2014. Sberbank issued mortgage-secured bonds as part of the deal to securitize Sberbank’s mortgage loan portfolio. The issuance took place as part of Vnesheconombank’s investment program for the construction of affordable housing and mortgages in 2010-2013.

Sberbank CIB was the organizer of the deal. Sberbank CIB has put forth major efforts to create a securitization platform at the Bank, and to structure the issuance of mortgage-backed securities. The new method for creating reserve funds using the organizer’s line of credit has improved the efficiency of the structure. The guarantor of the issue was The Agency For Housing Mortgage Lending (AHML).

During the deal, the issuer – LLC Mortgage Agent SB-2014) – placed two senior tranches of mortgage bonds (‘A’ and ‘B’) and one junior tranche (‘B’) worth a total of 11.1 bln rubles. The size of the tranches is as follows: ‘A’ - 6.7 bln rubles, ‘B’ - 3.3 bln rubles, ‘V’ - 1.1 bln rubles. AHML provided the guarantee for the two senior tranches.

The coupon rate for the class ‘A’ bonds was set at 9% annually.

The coupon rate for the class ‘B’ bonds was set at 3% annually.

The date of full redemption of all the bond tranches is December 28, 2046.