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Troika Dialog finalises US$203 million deal for Ruble-dominated CDO

February 26, 2008 | Сbonds

Troika Dialog in conjunction with Deutsche Bank AG has successfully closed a deal to establish and sell a second full capital structure Ruble denominated CDO in Russian corporate bonds.

It is a three-year, RUB 5 billion (US$203million) CDO based on a diversified portfolio of local currency corporate bonds. The portfolio is managed by Troika Dialog Asset Management, Russia’s leading fund manager with over US$4.7 billion assets under management as at 31/12/07.

This is only the second successful Russian CDO since mid-2007 following the RUB 8.98 billion (US$350 million) deal in August 2007, also by Troika Dialog and Deutsche.

"The interest shown by investors around the world is a testament to the growth in appetite for corporate bonds both in Russia and abroad," said Pavel Teplukhin, CEO of Troika Dialog Asset Management.

The capital structure of the CDO includes three tranches: equity, mezzanine and senior. Troika Dialog Asset Management may make substitutions within the Portfolio based on certain agreed criteria so as to maintain the diversity and credit quality of the underlying portfolio.

A CDO is a structured financial instrument backed by credit default swaps on Ruble denominated bonds with different maturities.

Company: Sberbank CIB

Full company nameCJSC Sberbank CIB
Country of riskRussia
IndustryFinancial institutions


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