RSB term securitisation

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The proposed securitisation project would refinance consumer loans originated by Russian Standard Bank (“Originator”), thereby freeing up capital and providing new funding to make new consumer loans in Russia. The EBRD would subscribe to bonds issued against a securitised portfolio of Russian Standard Bank’s consumer loans. Securitisation is an important source of refinancing. The proposed project would be one of the first securitisations in countries of the Bank’s operation and would accelerate the development of the Russian capital markets by introducing a new asset class. It would also make consumer financing more readily available, particularly in the Russian Federation regions, thereby enabling Russian consumers to acquire consumer goods more easily and contributing to increased demand and economic growth. JSC Russian Standard Bank, the leading consumer finance bank in Russia. As part of the securitisation proposed project, EBRD will invest in senior and/or mezzanine bonds denominated in Euro and securitised by a portfolio of consumer loans originated by Russian Standard Bank. The transaction structure envisages the issuance of approximately EUR 270 million of senior and mezzanine bonds (excluding the Originator provided finance) with EBRD subscribing to up to approximately EUR 40 million of these bonds, and international investors subscribing to the difference. EUR 300 million, including the Originator provided finance. The environmental issues associated with consumer financing are extremely limited and hence Russian Standard Bank will not be required to implement the Bank's financial intermediary environmental procedures for this operation. None. Andre Spark, SparkA@ebrd.com Dobrin Staikov, StaikovD@ebrd.com