White & Case LLP - News - Largest Ever Securitisation in CIS

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Largest Ever Securitisation in CIS
CIS Securitisation Market Continues to Strengthen

London, December 14, 2006 ... White & Case acted for Alfa-Bank in its issue of €230 million of Series 2006-B Notes and $260 million of Series 2006-C Notes ("the Notes"), due December 2011, in what qualifies as, globally, the largest ever publicly placed unwrapped diversified payment right (DPR) issuance, as well as being the largest securitisation in the CIS to date. Established in 1990, Alfa-Bank is one of the largest banks in Russia in terms of assets and capital.

"This is the second issue by Alfa-Bank under its DPR programme illustrating the increasing investor appetite for its paper, and for the DPR market in general," commented David Barwise, lead White & Case partner advising on the deal. "Confidence in Russian banks and the emerging markets is growing rapidly and in the coming years, we are likely to see a series of other securitisations from the banks in the CIS."

The Notes were issued by Alfa Diversified Payment Rights Finance Company S.A., a special purpose vehicle incorporated under Luxembourg law. The Notes received a Baa3 investment grade rating by Moody's Investor Service. Moody's rates Alfa-Bank as Ba2/NP and the institution is rated BB- by Standard & Poor's. Interest will accrue on the offered Notes from their date of issuance at the rate of 1.9 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 & Co.

Alfa-Bank's first securitisation was back in March with its issue of $350 million Series 2006-A Notes.

The White & Case team advising Alfa-Bank was led by partners David Barwise working alongside partner Kaya Proudian, associates Simon Morgan, Angus Tarpley, Oded Bejarano, Claire Wilson and Sam Yau in London, partner Maya Melnikas and associates Olga Okouneva and Anna Ivanova in Moscow, partner David Plch and associate Tomas Jine in Prague and partner Karoly Foti in Budapest.

This year White & Case has been involved in a number of major securitisations in the CIS, most recently acting for another Russian bank, MDM bank, in its issue of €225 million of Series 2006-A Notes and $200 million of Series-B Notes. In Kazakhstan, the Firm has been involved in the following securitisations, which have broken new ground: acting for WestLB AG and JPMorgan in the first ever public future flow securitisation of DPRs in Kazakhstan, in a $300 million Floating Rate Note issue for Kazkommertsbank; and advising another Kazakh bank, Alliance Bank, on the first future flow securitisation of DPRs to be guaranteed by a multilateral development bank.

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

Alexandra Henderson
Media Relations Executive, White & Case
44 (0) 20 7532 2848

	Press Releases
Expertise Capital Markets Securitization Lawyers David Barwise Tomáš Jíně Maya Melnikas David Plch Claire Wilson Locations London	Largest Ever Securitisation in CIS CIS Securitisation Market Continues to Strengthen London, December 14, 2006 ... White & Case acted for Alfa-Bank in its issue of €230 million of Series 2006-B Notes and $260 million of Series 2006-C Notes ("the Notes"), due December 2011, in what qualifies as, globally, the largest ever publicly placed unwrapped diversified payment right (DPR) issuance, as well as being the largest securitisation in the CIS to date. Established in 1990, Alfa-Bank is one of the largest banks in Russia in terms of assets and capital. "This is the second issue by Alfa-Bank under its DPR programme illustrating the increasing investor appetite for its paper, and for the DPR market in general," commented David Barwise, lead White & Case partner advising on the deal. "Confidence in Russian banks and the emerging markets is growing rapidly and in the coming years, we are likely to see a series of other securitisations from the banks in the CIS." The Notes were issued by Alfa Diversified Payment Rights Finance Company S.A., a special purpose vehicle incorporated under Luxembourg law. The Notes received a Baa3 investment grade rating by Moody's Investor Service. Moody's rates Alfa-Bank as Ba2/NP and the institution is rated BB- by Standard & Poor's. Interest will accrue on the offered Notes from their date of issuance at the rate of 1.9 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 & Co. Alfa-Bank's first securitisation was back in March with its issue of $350 million Series 2006-A Notes. The White & Case team advising Alfa-Bank was led by partners David Barwise working alongside partner Kaya Proudian, associates Simon Morgan, Angus Tarpley, Oded Bejarano, Claire Wilson and Sam Yau in London, partner Maya Melnikas and associates Olga Okouneva and Anna Ivanova in Moscow, partner David Plch and associate Tomas Jine in Prague and partner Karoly Foti in Budapest. This year White & Case has been involved in a number of major securitisations in the CIS, most recently acting for another Russian bank, MDM bank, in its issue of €225 million of Series 2006-A Notes and $200 million of Series-B Notes. In Kazakhstan, the Firm has been involved in the following securitisations, which have broken new ground: acting for WestLB AG and JPMorgan in the first ever public future flow securitisation of DPRs in Kazakhstan, in a $300 million Floating Rate Note issue for Kazkommertsbank; and advising another Kazakh bank, Alliance Bank, on the first future flow securitisation of DPRs to be guaranteed by a multilateral development bank. 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 Alexandra Henderson Media Relations Executive, White & Case 44 (0) 20 7532 2848