Securitization of Financial Assets

We design and support transactions of any complexity: from classic mortgage pools to innovative structures with non-standard assets, including consumer loans, NPL and corporate debt obligations

Deep expertise, infrastructure and product solutions brought together in a single ecosystem for working with complex assets

Assistance in interactions with rating agencies

Structuring bond issuance for securitization of portfolios of monetary claims

A well-established infrastructure with our own management company and trustee

Developing tailor-made solutions depending on the client’s needs

Innovative approaches to structuring debt instruments with collateral security

Securitization of mortgage and non-mortgage loans, including consumer loans, auto loans and corporate debt obligations

Strategy embodied in the structure

We build the architecture individually to match the client’s strategy and the current market environment

We were at the origins of securitization development in Russia and remain one of the leaders to this day: in transactions involving rights under service contracts, consumer loans and NPLs, and in modern structures for investment cases.

In the 2000s, we helped develop mortgage securitization in Russia. In the 2010s, we focused on securitization of financial assets (non-mortgage securitization). Today, with our own infrastructure, we regularly work on new transaction formats on the platform of our SFOs. Most of our products have already become groundbreaking for the Russian market.

Our legal opinion is recognized by leading rating agencies.

Case Studies in Securitization

All cases

01 /

Securitization

2021 to present

Securitization of VTB's consumer loan portfolio

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The first securitization of a consumer loan portfolio structured entirely under Russian law

LECAP acted as legal counsel to VTB on the securitization transaction involving a consumer loan portfolio in the amount of RUB 45 billion. The amount of the secured bond issuance of SFO VTB RKS-1 was RUB 35 billion. For VTB, this is the first consumer loan securitization transaction

The transaction received the Cbonds Awards in the category “Most “retail” primary placement transaction” 2021

02 /

Securitization

2017

Securitization of rights to payment under a services agreement

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The first example of Russian securitization in which the asset consists of rights to payment under a single long-term contract

LECAP acted as legal counsel in connection with the issuance of bonds by OOO SFO Lokoservis Finans in the amount of RUB 4.373 billion. The bonds were issued as part of a securitization transaction involving rights to payment from the service customer under a long-term services agreement for locomotive maintenance entered into by OOO TMH-Service (originator).