White & Case LLP - News - Second-ever Russian Public Future Flow Securitisation of DPRs

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Second-ever Russian Public Future Flow Securitisation of DPRs
Emerging Capital Markets Continue to Develop

London, Frankfurt, Moscow, November 30, 2006 ... White & Case acted for MDM Bank in its issue of €225 million of Series 2006-A Notes and $200 million of Series-B Notes ("the Notes"), due December 2011, in what qualifies as the country's second-ever public future flow securitisation of diversified payment rights (DPRs). DPRs are receivables arising out of correspondent bank payment orders. Established in 1993 and headquartered in Moscow, MDM Bank is the principal component of the MDM Financial Group, one of Russia's largest privately owned banking groups.

The Notes were issued by MDM DPR Finance Company S.A., a special purpose vehicle incorporated under Luxembourg law, which will use the gross proceeds from the issue to make a series of loans to MDM Bank for general corporate purposes.

Issued on November 20 2006, the Notes received a Baa3 investment grade rating by Moody's Investors Service. Moody's rates MDM Bank as Ba2/NP and the institution is rated BB- by Fitch. Interest will accrue on the offered Notes from their date of issuance at the rate of 2 percent per annum above Three-Month EURIBOR. The Notes have been admitted to the Irish Stock Exchange under Regulation S by Joint Lead Arrangers Dresdner Kleinwort and Merrill Lynch International.

"The MDM Bank issue is the latest in a series of sophisticated capital markets transactions illustrating the rapid development of financial systems in countries within the CIS. In Russia, investor demand, driven by a booming economy, continues to push back the boundaries of innovative structuring techniques," explained David Barwise, lead White & Case partner advising on the deal. "The combined use of sophisticated US, English and local legal expertise is one of the major factors enabling these deals to successfully come to market at an ever-increasing pace."

The White & Case team advising on the MDM Bank transaction was led by London-based partner David Barwise, working alongside associates Simon Morgan, Maeve McSherry and Tricia McDoom in London, and Olga Okouneva and Anna Ivanova in Moscow, along with partner Ulf Kreppel and associates Nicolas Wittek and Ivonne Herzog in Frankfurt. The Bank of New York acted as trustee on the transaction.

White & Case's network of capital markets lawyers in London, Moscow and Almaty has been involved in a number of major transactions in recent months. Earlier this year the Firm advised Credit Suisse and ABN Amro as lead managers on a $200 million Regulation S Eurobond issue by Russian IT and electronics business Sitronics, the first corporate Eurobond from Russia this year. More recently, White & Case advised JSC Alliance Bank on the first future flow securitisation of DPRs to be guaranteed by a multilateral development bank. This year the Firm has also represented Morgan Stanley as Sole Lead Manager in the first Kazakhstan Tenge denominated Eurobond to be issued on the international capital markets; advised JSC KazMunaiGas Exploration Production, a subsidiary of NC KazMunaiGas, the Kazakh state oil and gas company, on its IPO, which raised $2.03 billion; and acted for JSC Kazkommertsbank in its global $845 million offering of Global Depositary Receipts to institutional investors on the London Stock Exchange.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011
jmartin@london.whitecase.com

Alexandra Henderson
Media Relations Executive, White & Case
44 (0) 20 7532 2848
ahenderson@whitecase.com

	Press Releases
Expertise Capital Markets Lawyers David Barwise Ulf Kreppel Tricia McDoom Maeve McSherry Nick Wittek Locations London Frankfurt Moscow	Second-ever Russian Public Future Flow Securitisation of DPRs Emerging Capital Markets Continue to Develop London, Frankfurt, Moscow, November 30, 2006 ... White & Case acted for MDM Bank in its issue of €225 million of Series 2006-A Notes and $200 million of Series-B Notes ("the Notes"), due December 2011, in what qualifies as the country's second-ever public future flow securitisation of diversified payment rights (DPRs). DPRs are receivables arising out of correspondent bank payment orders. Established in 1993 and headquartered in Moscow, MDM Bank is the principal component of the MDM Financial Group, one of Russia's largest privately owned banking groups. The Notes were issued by MDM DPR Finance Company S.A., a special purpose vehicle incorporated under Luxembourg law, which will use the gross proceeds from the issue to make a series of loans to MDM Bank for general corporate purposes. Issued on November 20 2006, the Notes received a Baa3 investment grade rating by Moody's Investors Service. Moody's rates MDM Bank as Ba2/NP and the institution is rated BB- by Fitch. Interest will accrue on the offered Notes from their date of issuance at the rate of 2 percent per annum above Three-Month EURIBOR. The Notes have been admitted to the Irish Stock Exchange under Regulation S by Joint Lead Arrangers Dresdner Kleinwort and Merrill Lynch International. "The MDM Bank issue is the latest in a series of sophisticated capital markets transactions illustrating the rapid development of financial systems in countries within the CIS. In Russia, investor demand, driven by a booming economy, continues to push back the boundaries of innovative structuring techniques," explained David Barwise, lead White & Case partner advising on the deal. "The combined use of sophisticated US, English and local legal expertise is one of the major factors enabling these deals to successfully come to market at an ever-increasing pace." The White & Case team advising on the MDM Bank transaction was led by London-based partner David Barwise, working alongside associates Simon Morgan, Maeve McSherry and Tricia McDoom in London, and Olga Okouneva and Anna Ivanova in Moscow, along with partner Ulf Kreppel and associates Nicolas Wittek and Ivonne Herzog in Frankfurt. The Bank of New York acted as trustee on the transaction. White & Case's network of capital markets lawyers in London, Moscow and Almaty has been involved in a number of major transactions in recent months. Earlier this year the Firm advised Credit Suisse and ABN Amro as lead managers on a $200 million Regulation S Eurobond issue by Russian IT and electronics business Sitronics, the first corporate Eurobond from Russia this year. More recently, White & Case advised JSC Alliance Bank on the first future flow securitisation of DPRs to be guaranteed by a multilateral development bank. This year the Firm has also represented Morgan Stanley as Sole Lead Manager in the first Kazakhstan Tenge denominated Eurobond to be issued on the international capital markets; advised JSC KazMunaiGas Exploration Production, a subsidiary of NC KazMunaiGas, the Kazakh state oil and gas company, on its IPO, which raised $2.03 billion; and acted for JSC Kazkommertsbank in its global $845 million offering of Global Depositary Receipts to institutional investors on the London Stock Exchange. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 jmartin@london.whitecase.com Alexandra Henderson Media Relations Executive, White & Case 44 (0) 20 7532 2848 ahenderson@whitecase.com