Issue information:
| • Issuer, issue number: |
EUROKOMMERZ, 2010 (ABS, Warehouse) |
| • Type of debt instrument:
| Eurobonds |
| • Type of bonds: |
Coupon bonds |
| • Securitisation: |
Yes |
| • Redemption type: |
Amortized |
| • Issue status: |
redemption default |
| • Type of placement: |
private |
| • Par, minimum denomination: |
2000000
RUR, 2 000 000.0 |
| • Par, integral multiple: |
RUR, 1 000.0
|
| • Indexation: |
step up 19.09.2008 |
| • Amount: |
11 750 000 000 |
| • Outstanding amount: |
4 180 000 000 |
| • Start of placement: |
Dec 21 2007 |
| • End of placement: |
Mar 27 2008 |
| • Floating rate: |
Yes |
| • Reference rate: |
1M MOSPRIME |
| • Maturity date: |
Mar 15 2010 |
| • Issue Managers: |
DEUTSCHE Bank and VTB Bank Europe |
| • Listing: |
OTC Market |
| • Issue ratings: (rating history) |
|
| • Additional information: |
Russian Factoring No 1 SA was split into Rb7.5bn of notes rated BBB by Standard & Poor’s and a BB rated subordinated tranche retained by Eurokommerz
Eurokommerz debuts the first Russian securitisation of factoring receivables
The notional amount of the senior asset-backed notes has been increased by RUB3.75bn to RUB11.25bn from RUB7.5bn. The subordinated loan, which provides credit enhancement required by the deal's documentation, has also been increased to support the ratings.
This follows a request by the originator to increase the funding provided by the originator Eurokommerz FC to meet further asset growth. The total amount Eurokommerz FC advanced was approximately RUB 26bn at 31 January 2008 and RUB 27.2bn at 29 February 2008. As such, the securitisation programme is now approximately 43% of total advanced amounts.
The issuer extended the revolving purchase commitment towards Eurokommerz until 16 March 2009 subject to certain amortization triggers to be passed during this time. The final legal maturity of the debt instruments was extended by 12 months to 15 March 2010. This one year time lag is in Fitch’s view sufficient to redeem the notes from collections of funded receivables. Finally, the notes were partially redeemed. The redemption by the issuer was funded via a buy back of receivables by Eurokommerz as of 19 September 2008. |
| • Investment banks:
| Bookrunner(s):
Deutsche Bank
VTB Capital
|
|
Debt Servicing |
| • Status: | Default |
| • Liability type: | Redemption |
| • Planned date of meeting liabilities: | Mar 15 2010 |
| • Date of meeting liabilities due to technical default: | Apr 14 2010 |
| • Actual date of meeting liabilities: | |
|
|
Borrower:
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