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VTB Capital has successfully completed a RUB11 bn securitisation deal on a portion of an auto loan portfolio for Bank VTB24, VTB Group’s majority-owned consumer finance subsidiary.
The final maturity of the senior term portion of the financing (US$200 million) is 4.5 years and Bank VTB24 has an option to redeem the financing at the end of the three years. The securitised pool is comprised of fixed-rate, rouble denominated loans secured on vehicles in Russia and the structure allows for a three year replenishing period. As is typical for cross-border securitisations of this type, the structure includes a balance guaranteed swap provided by VTB Bank.
The Co-Arrangers of the deal were VTB Capital and Sumitomo Mitsui Banking Corporation Europe Limited.
Andrey Suchkov, Head of Securitisation at VTB Capital, said: "This deal is the second car loan securitisation with VTB24 assets and the second VTB securitisation conducted in cooperation with international investors. The overall funding amount raised in both deals reached USD 575mn and we look forward to developing and enhancing such cooperation."
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