AKB Souyz (OAO) has announced a successful completion of the securitization of a part of the Bank’s mortgage portfolio. The transaction has been supported by Egorov Puginsky Afanasiev & Partners Banking & Finance, Capital Markets practice team.
The transaction provided for offering by an SPV (mortgage agent) of two tranches of bonds with different priorities and secured by a pledge over a single mortgage pool.
The senior tranche of bonds has been offered publicly, and has been secured with the guarantee of the Agency for Housing Mortgage Lending, in addition to the pledge over the mortgage pool. The junior tranche of bonds, obligations of which are performed only after the fulfillment of obligations under the senior tranche, has been privately offered in full for the benefit of AKB Souyz, which improved the credit quality of the senior-tranche bonds.
The Banking & Finance, Capital Markets team of Egorov Puginsky Afanasiev & Partners involved in the matter included Associate Vladimir Goglachev, Associate Maxim Baryshev under the lead of Practice Head Dmitriy Glazounov.