Russian local debt CDO debuts

Moscow-based Bank Zenit has partnered with JP Morgan to structure a collateralised debt obligation (CDO) backed solely by credit default swaps (CDSs) referencing rouble-denom-inated debt. The banks claim Red Square - a 6.7 billion rouble ($250 million) unrated deal - is the first example of a local debt CDO. JP Morgan structured the transaction, while Bank Zenit is the portfolio adviser.

Although unrated, the deal comprises three tranches - senior, mezzanine and equity - and references the ro

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: