Red dawn for Russian securitisation

It has been a dark time for Russia's securitisation market, but the addition of RMBS to the list of eligible assets for the central bank repo facility is raising hopes that a wave of new deals will herald a return of investor demand and re-energise the market.

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 nearly 60% against the US dollar between July 2008 and February 2009, according to the Russian central bank - has had a marked impact on the cross-border securitisation market.

According to Moody's Investors Service, securitisation issuance from Russia