Help or hindrance?

The financial crisis has caused significant pain to Russian securitisation issuers. But an amendment by the Bank of Russia to include mortgage-backed securities on the list of instruments eligible for its repurchasing facility is fanning hopes of a maturing in the market. William Rhode reports

Since the global financial crisis finally caught up with Russia in the second half of 2008, the country's nascent securitisation market has been a notable victim. In particular, the collapse in the value of the Russian rouble - which slumped 57.5% from a peak of 23.13 against the US dollar on July 16, 2008 to 36.43 on February 19, 2009, according to the Russian central bank - has had a marked impact on the cross-border securitisation market.

According to Moody's Investors Service, issuance from