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First Bond Offerings of Vnesheconombank’s Project Financing Factory Scheduled for 2018

8 december 2017 года
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Vnesheconombank’s First Deputy Chairman and Member of the Board Dmitry Kurdyukov told the Cbonds Russian Bond Congress in Saint Petersburg about the bond offerings scheduled by Vnesheconombank’s Project Financing Factory for as early as the first half of 2018.

The Factory is financially structured in a truly innovative way. This streamlines risk allocation among all financing project actors. In the first phase, a borrower receives a multi-tranche syndicated loan, with Vnesheconombank taking on the roles of syndicate agent and collateral manager.


“The second phase is the issuance of tranche-backed bonds. Although similar structured financing and mortgage-backed securitisation products have been available for more than 10 years, the model offered by the Factory is expected to make a real breakthrough in the Russian capital market. Bond issues will amount to 10–30 billion roubles, which will ensure their high liquidity. Such government-backed bonds will be notable for their increased reliability,” Dmitry Kurdyukov said.

A long-term tranche is initially financed by Vnesheconombank and then assigned to the bond issuer, a special-purpose vehicle (SPV). The Factory will enable the SPV to acquire loan receivables and, starting from 1 June 2018, to lend at its discretion as the syndicate manager.

“The SPV is organised as Vnesheconombank’s wholly owned subsidiary. Vnesheconombank will keep care of bond performance until the maturity date by undertaking to replace all toxic assets of the SPV,” Dmitry Kurdyukov said.

As for the characteristics of these bonds, the concept of collateralised debt obligations is being introduced into legislation. CDOs will make it possible to form a pool of bond issues that have equal seniority and are issued in different tranches but backed by the same collateral. The assets of the SPV are given as collateral for all bond issues to the bondholders. The nominal amount of outstanding bonds is not in excess of the asset value at any time. The SPV bond portfolio is dynamic. Its value is expected to increase to 300 billion roubles.


The SPV has plans to issue both fixed-rate bonds and floating-rate notes, such as securities linked to the Bank of Russia’s key rate. All of the bond issues will be rated by a Russian credit rating agency.


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