First Ever Public RMBS Securitisation by Ukrainian Bank
Emerging Securitisation Market Continues to Develop
London,
March 23, 2007 ... White & Case acted for UBS Limited as Arranger, Sole Lead Manager and Sole Bookrunner in connection with the first ever public Residential Mortgage Backed Security (RMBS) securitisation by a Ukrainian bank, in an issue of $180 million RMBS Floating and Fixed Rate Notes ("the Notes") for Closed Joint Stock Company Commercial Bank "PrivatBank" ("PrivatBank"). The Notes were issued by Ukraine Mortgage Loan Finance No. 1 Plc, a special purpose vehicle incorporated in England and Wales.
"Residential Mortgage Backed Securities are a dominant asset class in the world securitisation market and continue to go from strength to strength. One area of expansion for the asset class is the emerging markets, where the uptake of securitisation as a means of accessing capital is rapidly increasing in general," commented David Barwise, lead White & Case partner acting on the deal.
The transaction is the latest in a string of cutting edge securitisation deals that White & Case has worked on in the emerging markets. Examples include: acting for Russian bank Alfa-Bank in the largest ever publicly placed unwrapped diversified payment right (DPR) issuance; acting for WestLB AG and JPMorgan in the first ever public future flow securitisation of DPRs in Kazakhstan; acting for another Kazakh bank, Alliance Bank, on the first future flow securitisation of DPRs to be guaranteed by a multilateral development bank; advising Merrill Lynch and Credit Suisse First Boston as Lead Managers of the first ever securitisation of credit card receivables in Russia; and advising WestLB as global co-ordinator and initial purchaser in an issue by Turkish bank Akbank, which was at the time Turkey’s largest ever securitisation.
The White & Case team advising UBS Limited on this deal was led by partner David Barwise, working alongside partner Neil Woodgate and associates Jeremy Reynolds, Samantha Levy, Tricia McDoom and Jana Zupikova.
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