Issue information:
| • Issuer, issue number: |
VTB 24, 2041-1 (RMBS) |
| • SPV: |
Finis Mortgages 2008 Ltd |
| • Type of debt instrument:
| Eurobonds |
| • Type of bonds: |
Coupon bonds |
| • Form of issue: | Documentary bearer bonds |
| • Securitisation: |
Yes |
| • Issue status: |
early redeemed |
| • Early redemption date: |
Feb 14 2011 |
| • Par, minimum denomination: |
100000
USD, 100 000.0 |
| • Par, integral multiple: |
USD, 1 000.0
|
| • Amount: |
150 140 000 |
| • ISIN RegS: |
XS0406566934 |
| • Common Code RegS: |
040656693 |
| • CFI RegS: |
DBFXAB |
| • Day Count Fraction: |
Actual/Actual (ISDA) |
| • End of placement: |
Dec 30 2008 |
| • Coupon: |
7.50% |
| • Coupon frequency: |
12 time(s) per year |
| • Floating rate: |
Yes |
| • Settlement Date: |
Jan 19 2009 |
| • Maturity date: |
Mar 19 2041 |
| • Rating on issue date (M/S&P/F): |
A2/—/— |
| • Spread over US Treasures, bp: |
750 |
| • Issue Managers: |
VTB Bank Europe |
| • Listing: |
Irish Stock Exchange |
| • Issue ratings: (rating history) |
|
| • Additional information: |
SEDOL B3KSSP5
Asset Backed Fixed Rate Notes
Collateral Type: MBS - Prime
Originators: Bank VTB 24
Trustee(s): TMF Trustee Limited
Tranche: A
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.
The 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%. |
| • Investment banks:
| Bookrunner:
VTB Capital
|
|
Borrower:
| • Issuer: | VTB 24 |
| • List of affiliated companies: |
VTB,VTB-Leasing,VTB (Belarus),VTB Bank France,VTB Bank Austria,VTB Bank Ukraine,VTB Bank Deutschland,ÂÒÁ (Armenia),VTB Bank Georgia,VTB-Leasing Finance,NIA VTB 001,VTB Leasing Ukraine,Northern Capital Gateway,Russian Mortgage Backed Securities 2006-1 S.A. |
| • Full issuer name: | VTB 24 |
| • Country: | Russia |
| • Region: | CIS |
| • Web site: | http://www.vtb24.ru/about/ |
| • Other issues of the issuer (including related companies issues): |
 VTB 24, 2009 (LPN, FRN) - Eurobonds
VTB 24, 2041-2 (RMBS) - Eurobonds
|
| • Issuer profile: | The year 2006 witnessed a new stage for VTB. Within the strategic rebranding program, the Bank and its majority interest subsidiaries in Russia, CIS, Europe, Asia and Africa began to operate under the ... |
| • Industry: | Banks and financial institutions |
|
Complete profile |
SPV:
| • Issuer: | Finis Mortgages 2008 Ltd |
| • List of affiliated companies: |
VTB,VTB-Leasing,VTB (Belarus),VTB 24,VTB Bank France,VTB Bank Austria,VTB Bank Ukraine,VTB Bank Deutschland,ÂÒÁ (Armenia),VTB Bank Georgia,VTB-Leasing Finance,NIA VTB 001,VTB Leasing Ukraine,Northern Capital Gateway,Russian Mortgage Backed Securities 2006-1 S.A. |
| • Full issuer name: | Finis Mortgages 2008 Ltd |
| • Country: | Ireland |
| • Region: | PIIGS |
Complete profile |
Consolidated IFRS reports:| 2012 | 1 Q.
| | 2011 | 1 Q.
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Annual report:
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