Securitization

In 2011, the Board of Directors decided to securitize a part of the bank’s mortgage portfolio in order to optimize the bank’s funding structure and attract additional resources for mortgage lending expansion. In accordance with the Federal law № 152-FZ as of November 11, 2003 “On mortgage-backed securities”, three SPV companies were incorporated to structure the deals: Closed Joint Stock Company “Mortgage agent Vozrozhdenie 1” (CJSC “MAV 1”) registered on July 8, 2011, Closed Joint Stock Company “Mortgage agent Vozrozhdenie 2” (CJSC “MAV 2”) registered on August 06, 2012 and Closed Joint Stock Company “Mortgage agent Vozrozhdenie 3” (CJSC “MAV 3”) registered on November 12, 2013. Their sole functions are acquiring mortgage certificates or rights of claim on mortgage-backed loans and issuing mortgage-backed bonds.

On December 01, 2011, the Federal Financial Market Service registered two issues of non-convertible interest-bearing documentary mortgage-backed bonds payable to the bearer with obligatory centralized keeping of CJSC “MAV 1”. On December 27, 2011, the issues were successfully placed:

  • class “A” bonds for the total amount of Rub 2.93 bln via CJSC SE MICEX Stock Exchange by public offering;
  • class “B” bonds for the total amount of Rub 1.14 bln by private offering to Vozrozhdenie Bank.

Maturity date of the issues is August 10, 2044. Сlass “A” bonds were placed among the unlimited range of investors with a coupon rate of 8.95%.

On February 21, 2013, the Federal Financial Market Service registered issues of “A” class and “B” class non-convertible interest-bearing documentary mortgage-backed bonds payable to the bearer with obligatory centralized keeping of CJSC “MAV 2”. On April 2, 2013, the issues were successfully placed:

  • class “A” bonds for the total amount of Rub 2.96 bln via CJSC SE MICEX Stock Exchange by public offering;
  • class “B” bonds for the total amount of Rub 1.04 bln by private offering to Vozrozhdenie Bank.

Maturity date of the issues is August 25, 2045. Сlass “A” bonds were placed among the unlimited range of investors with a coupon rate of 8.95%.

On February 27 and March 18, 2014, the Bank of Russia registered issues of class “B” and class “A” non-convertible interest-bearing documentary mortgage-backed bonds payable to the bearer correspondingly with obligatory centralized keeping of CJSC “MAV3”. On March 26, 2014, the issues were successfully placed:

  • class “A” bonds for the total amount of Rub 3.00 bln via CJSC SE MICEX Stock Exchange by public offering;
  • class “B” bonds for the total amount of Rub 0.45 bln by private offering to Vozrozhdenie Bank.

Maturity date of the issues is October 26, 2046. Сlass “A” bonds were placed among the unlimited range of investors with a coupon rate of 9.00%.

For further information on mortgage agents and placements of the relevant issues of the mortgage-backed bonds, please refer to the following web-sites:

Closed Joint Stock Company “Mortgage agent Vozrozhdenie 1”

Closed Joint Stock Company “Mortgage agent Vozrozhdenie 2”

Closed Joint Stock Company “Mortgage agent Vozrozhdenie 3”