Are Russian securitisations just around the corner?
An article by Guy Grayson and Emmie Rackham. Guy has a wide-ranging experience of international capital markets and corporate finance transactions derived from time spent in London, New York and Moscow. Emmie is a corporate finance lawyer at Norton Rose with particular experience of inward investment projects. Russia is on the verge of securitising domestic receivables. Russian banks, in particular, appear to be closest to reaping the benefits of this financing tool. But before Russian debts (as opposed to offshore debts) can be securitised, the country's legal infrastructure first requires a certain amount of harmonisation if it is to accommodate with certainty all the legal relationships needed to make such a securitisation operate to investors' satisfaction. In addition, the originators and special-purpose vehicles (SPVs) involved will need to have climbed to an investment grade rating.
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