Issue information:
| • Issuer, issue number: |
KIT Finance Investment Bank, 2040-A (RMBS) |
| • Type of bond:
|
Eurobonds |
| • Securitisation: | Yes |
| • Issue status: | outstanding |
| • Par, currency of issue: | RUR, 2000000 |
| • Amount: | 5 445 000 000 |
| • ISIN: | XS0351874051 |
| • Start of placement: | Mar 2008 |
| • End of placement: | Apr 16 2008 |
| • Issue price: | 100 |
| • Coupon: | 8.75% |
| • Coupon frequency: | 12 time(s) per year |
| • Settlement Date: | Apr 25 2008 |
| • Maturity date: | Oct 25 2040 |
| • Early redemption terms: | Call option – 25/04/2013;
Right to Sell (PUT) – 25/05/2013
,
date: 25.04.13, price: 100, type: CALL;
date: 25.05.13, price: 100, type: PUT. |
| • Issue Managers: | Lead arranger - Morgan Stanley,
Joint Bookrunners – Morgan Stanley, KIT Finance
|
| • Trading floor, listing category:
|
Irish S.E. |
| • Additional information: | SPV: RUMBA S.A.
Originator KIT Finance
Class/Amount/Coupon/Average life/ Ratings/
Class A/ 5445, RUB/8.75%/ 3.05/(-/BBB+/-)
Class B/ 605, RUB/9.00%/ 5.06/ (-/BB/-)
The mortgage certificates that form the underlying collateral pool are fixed-rate, ruble-denominated loans, which are secured by a first lien over residential properties in Russia. All loans were originated by KIT Finance Investment bank (KIT).
Interest on the notes will be payable monthly in arrears on the 25th day of each month, while principal will be paid sequentially on a pass-through basis, with a potential future switch to pro rata payment (subject to performance triggers). The structure also includes a cash reserve fund of 2.25%, a commingling reserve fund of 4.25%, and overcollateralization of 6.5% of the initial principal balance of the mortgage loans, excluding overcollateralization assets (all funded from the proceeds of a subordinated loan advanced to the issuer).
Concentration St. Petersburg (16.2%)
Weighted-average current LTV ratio (%) 65.34
Maximum LTV ratio (%) 89.90
Cash reserve 2.25% of the initial principal balance of the loans, fully funded at closing, nonamortizing, growing to 3.75% if 90+ delinquencies > 3%
Commingling reserve fund 4.25% of the initial principal balance of the loans, fully funded at closing
Overcollateralization 6.50% of the initial principal balance of the loans
|
| • Files:
|
RumbaSA PROSPECTUS
SP pre-sale
|
| • Investment banks:
|
Lead manager(s):
Morgan Stanley
 KIT Finance Investment Bank
|
|
Borrower:
Quarterly Reports:
|
