Published: June 29, 2012
First DPR securitisation in Russia for five years.
ZAO Raiffeisenbank has raised US$125mn through a diversified payment rights (DPR) securitisation.
This is the first such deal in Russia since 2007 where present and future cash flows generated by a bank’s international payment order processing business are used as collateral.
The US dollar-denominated notes have tenors of five and seven years carrying floating interest rates. The transaction was managed by RBI and WestLB.
The Russian subsidiary of Austrian banking group Raiffeisen Bank International (RBI) intends to raise up to a further US$800mn under its DPR programme.