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RBI lead-manages first DPR transaction in Russia since 2007

  • RBI successfully reopens Russian Diversified Payment Rights market
  • RBIs ability to structure and execute funding transactions secured by CEE-assets underlined
  • Second successful CEE-refinancing transaction for RBI applying securitisation techniques in 2012

A USD 125 million securitisation of Diversified Payment Rights (DPR) originated by ZAO Raiffeisenbank, Moscow, was closed successfully. The transaction was lead managed by German WestLB AG and Raiffeisen Bank International AG (RBI). The transaction uses present and future incoming cash flows generated by ZAO Raiffeisenbank through its international payment order processing business as financing collateral . As such, this transaction contributes to the diversification of funding sources and enables longer-term financing at favourable rates.

The US dollar-denominated notes are issued by Roof Russia DPR Finance Company S.A., a company incorporated under Luxembourg law, and were rated by Fitch Ratings Ltd. They have tenors of five and seven years and carry floating interest rates.

This deal marks the first Russian DPR transaction since 2007. Raiffeisenbanks strong position in payment order processing and strong structural features supported the successful closing, underpinning RBIs strong structuring and execution skills also in volatile markets. WestLBs pronounced expertise in that particular business significantly contributed to the overall and timely success of this transaction. In a capital and liquidity constrained environment, asset based finance techniques will add important funding diversification to financial institutions as well as corporates. We expect this to be a growing market, said Klemens Breuer, RBI Board Member responsible for Capital Markets and Investment Banking.

Sergei Monin, ZAO Raiffeisenbanks Chairman of the Managing Board added: Under its DPR programme, Raiffeisenbank intends to raise further secured funding from international investors up to USD 800 million over time.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on Q1 2012 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.

Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the worlds financial centres and in Asia, the groups further geographical area of focus. In total, around 61,300 employees service about 14.6 million customers through around 3,100 business outlets, the great majority of which are located in CEE (these figures include Polbank). Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBIs shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group, and serves as the group head office of the entire RZB Group, including RBI.


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