Deutsche and VTB launch CIS corporate CDO

The Sputnik CDO I is based on a portfolio of 43 rated and traded bank and corporate debts from Kazakhstan, Russia and Ukraine, obtained by Deutsche Bank and VTB Bank Austria. It has a five-year tenor and a $400 million nominal value.

According to Deutsche Bank, the CDO is "the first rated CDO referencing CIS corporates". It contains an unrated equity tranche (0-10%) and a senior equity tranche (10-20%), and three mezzanine tranches rated A2, Baa3 and Ba2 by Moody's. Each tranche is issued through an Irish special-purpose vehicle.

The transaction is managed by Vienna-based VTB Bank Austria, a subsidiary of Russia's state-owned VTB Bank.

The CIS comprises all the states of the former Soviet Union except for Lithuania, Latvia and Estonia.

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