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.
The week on Risk.net, March 10-16 2018Receive this by email