Bank Zenit, a Russian bank with a strong local corporate business, has issued the first collateralised debt obligation backed by Russian corporate debt.
Red Square, a synthetic trade with a portfolio of 40 local corporates, is denominated in Russian roubles and was structured by JPMorgan.
The $250m transaction is a rare opportunity for investors in structured credit to gain exposure to local currency debt.
Although emerging market CDOs have been issued before, this is a departure from previous inst
The week on Risk.net, July 7-13, 2018Receive this by email