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VTB Capital completes third mortgage portfolio securitisation deal for Otkritie Financial Corporation Bank

July 30, 2015 | Cbonds

VTB Capital has successfully completed the third RUB 5.8 billion securitisation deal for Otkritie Financial Corporation Bank’s mortgage portfolio.

Two tranches of mortgage backed securities were issued by the mortgage agent Eclipse-1 (classes "A" and "B"). The size of the "A" class is RUB 4.95 billion and the size of "B" is RUB 0.87 billion. The coupon rate for the senior class has been set at 8.75%. The legal final maturity of all tranches is 9 December 2047.
Class "A" bonds were placed within the Agency for Housing Mortgage Lending (AHML) programme for buying mortgage backed securities, while class "B" bonds were retained by Otkritie Financial Corporation Bank. AHML acted as guarantor for the class “A” bonds, as well as the calculation and reserve service agent.

Andrey Suchkov, Head of Securitisation at VTB Capital, said: "We are pleased to announce the successful closing of the securitisation transaction for Otkritie Financial Corporation Bank. Senior tranches of bonds with surety from AHML were placed on MICEX, allowing the originator bank to attract funding of RUB 4.95 billion for the further development of its mortgage business. The transaction was implemented in the framework of the AHML program for the acquisition of mortgage bonds, whose main goal is the development of the mortgage market in Russia. Today, we see the potential of the renewed interest of investors in mortgage-backed securities. In these circumstances, key institutions of development such as AHML play a critical role in supporting the market".

Issue: Mortgage Agent Eclipse-1, class A

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingRussia12/09/2047750,489,958.08 RUB-/-/-

Company: Mortgage Agent Eclipse-1

Full company nameMortgage Agent Eclipse-1 LLC
Country of riskRussia
Country of registrationRussia
IndustryFinancial institutions


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