SPV: FUNDUS MORTGAGES 2008 LIMITED 1
SEDOL B3KSSQ6
Series Asset Backed Fixed Rate Notes
Collateral Type: MBS - Prime
Originators: Bank VTB 24
Trustee(s): TMF Trustee Limited
Tranche: A
Spread 750bp
Rating А2//
The VTB24-originated mortgages were first sold to Russian Mortgage Backed Securities 2008-1, a Luxembourg SPV, after which the securitized notes from that SPV were sold to two Irish SPVs, Finis Mortgages 2008 and Fundus Mortgages 2008. The Irish SPVs in turn each issued a $150.14 million tranche of notes.
he transaction is also the first public Russian RMBS to feature a put option to hedge against redenomination risk, or the risk that the Russian government will allow the U.S. dollar-denominated mortgages in the portfolio to be paid in rubles, as happened during the Argentinean crisis of 1999-2002. If the redenomination were to occur at an unfavorable exchange rate, such a move would result in losses to the bond investors. With the put option, the Irish SPVs have the choice to sell the securitized notes they bought back to VTB24 and use the proceeds to repay investors.
The loans are primarily secured by homes in the Moscow and St. Petersburg area and have a weighted average loan-to-value ratio of 66.5%.
VTB 24 offers a wide range of banking services for individuals, including multipurpose lending, deposit safekeeping, bank card issuance and carrying out of money transfers. ...
