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AGENCY for HOUSING MORTGAGE LENDING February, 2006 Contents AHML activities observation Issued corporate bonds Financing in 2006 corporate bonds mortgage backed securities Development prospects 1 AHML activities observation Agency for Housing Mortgage Lending

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Presentation Transcript
slide1
AGENCY for HOUSING

MORTGAGE LENDING

February, 2006

contents
Contents
  • AHML activities observation
  • Issued corporate bonds
  • Financing in 2006
    • corporate bonds
    • mortgage backed securities
  • Development prospects
slide3

1

AHML activities observation

agency for housing mortgage lending
Agency for Housing Mortgage Lending
  • theAgency for Housing Mortgage Lending was createdin 1997 by to the order of the Governmentfrom 26.08.96 № 1010. The Agency has started its activity in 2001.
  • The Russian Federation is the sole shareholder of the Agency.
  • Main functions of the Agency
    • Creation of the bi-level system of mortgage lending in the regions of the Russian Federation
    • Creation of the secondary mortgage lending market and attraction of capital via issuance of mortgage derivative securities
    • Standardization of mortgage lending products
    • Initiation of and support for the legislative initiatives in the area of mortgage lending
federal mortgage origination and refinancing system
Federal mortgage origination and refinancing system

P O P U L A T I O N

  • 1. Bank originates the mortgage.
  • 2. The mortgages are sold by banks to
  • -regional operators.
  • - directly.
  • 3. Mortgages are sold to :
  • SPV
  • Investment Funds
  • AHML
  • 4. AHML is the sale organizer of Refinancing system (AHML).

originator

originator

originator

originator

Regional

operator

Refinancing system

AHML

Investment

Funds

SPV

ПИФы

ПИФы

Agency

ПИФы

ПИФы

regional market infrastructure and volumes of mortgage refinancing
Regional market infrastructure and volumes of mortgage refinancing
  • January 2006 – the Agency has entered into refinancing agreements with 89 regions
  • Mortgage refinancing volume during 12 month of 2005 grew by 1,5 times.
  • Current growth of refinancing volumes - 10% quarterly
  • According to the Uniform State Register of Rights on Real Estate report of midyear 2005 – the average share of the Agency in the regions - 26%

Refinancingvolume

USD mln.

regional distribution of mortgage portfolio
Regional distribution of mortgage portfolio

As of the end of January 2006Agency portfolio had mortgage notes from 59regions.Six regionscontributed more than 46% of the portfolio

agency mortgage loan key points
Agency mortgage loan key points
  • The federal mortgage system functions undera set of standards established by the Agency:
    • Currency – RUR;
    • Term – 1-30 years;
    • Interest rate – from 12% to 16%, depends on credit terms and down payment;
    • Maximum LTV (Loan to value) – 90%, depends on credit terms and down payment;
    • Maximum PTI (Payment to income) –50%;
    • Mandatory Property, Life and Casualty Insurance.
defaults
Defaults

* for the 1st of January 2006

slide11

2

Issued Corporate bonds

ahml corporate bonds issues parameters and government guarantees
AHML corporate bonds issues parameters and government guarantees

А1, А2, А3 – are secured by government guarantee for principal and interest payments

А4, А5, А6 – government guarantee only for principal

procedure of government guarantee funds obtaining in case of ahml bankruptcy
Procedure of government guarantee funds obtaining in case of AHML bankruptcy

Dishonor or absence of AHML response – factual default

AHML bankruptcy

Payment

Term of claim examination by AHML

(30 days)

Term of claim examination by the Ministry of Finance

(60 days)

Immediate payment claim application to issuer

Immediate payment claim application to the Ministry of Finance RF (with the help of payment agent –Vnesheconombank)

Term of immediate payment claim application to the Ministry of Finance -90 days

slide15

Financing in 2006

3

-corporate bonds

- -mortgage backed securities

capex finacing sources for 2006
CAPEX & FINACING SOURCES FOR 2006

Mortgage loans - USD 760 mln

Financing sources, total - USD 760 mln

  • Government guaranteed

corporate bonds - USD 490 mln

  • Equity capital - USD 130 mln
  • Mortgage loans redemption - USD 40 mln
  • Securitization

(MBS/mutual funds) - USD 100 mln

up to USD 250 mln

scheduled ahml corporate bonds issues
Scheduled AHML corporate bonds issues

Government guarantees for bond series A7, A8 and A9 are only for principal payments.

The bonds will be placing uniformly during 2006.

cash flow allocation twin waterfall
Cash-flow allocation – ‘twin’ waterfall

Scheduled principal redemption - > redemption of principal of both Issues proportionally to their shares

Prepayment of principal - > redemption of principal of Senior Issue till it fully amortizes

Interest payments - > according to issue subordination

  • priority principal and interest payments to Senior Issue
  • defaults coverage from interest and principal cash flows to Subordinated Issue

Subordinated Issue protects Senior Issue by providing internal credit enhancement

Interest

on mortgage

Principal

on

mortgage

(including

prepayments)

3rd party

pass-through

Mortgagor

Guarantor

Fee

Servicer

Infrastructure

Senior

Issue

Prepayments

Interest

Default coverage

Excess

Spread

Subordinated

Issue

volumes of mortgage lending and necessary state support by 2010 cumulative result
Volumes of mortgage lending and necessary state support by 2010 (cumulative result)

number of families

3,3 million families (7% of the population) will improve housing conditions by 2010.

Mortgages/GDP (Gross Domestic Product): 5.5%

Necessary volumes of federal support

  • Cumulative volume of federal support by 2010 – up toUSD 6,1billion.
  • Including :
  • Contribution of the shareholders’ equity of the Agency – USD 0,8billion.
  • Subordinated responsibility of the Russian Federation - USD 5,3billion.

USD million

concept of development of the uniform refinancing system in years
Concept of development of the uniform refinancing system (in years)

USD mln.

Results (for 2010):

    • volume of mortgage loans granted– USD 44,6bln.
    • MBS volume – USD 19,1bln.

Advantages of the two-level mortgage lending model in Russian Federation:

  • Specialization of banks is not needed
  • Speeds up capital turnover invested in mortgages
contacts

Contacts

AGENCY for HOUSING MORTGAGE LENDING

Address: 117418, Moscow,

Novocheremushkinskaja st., 69-B

Phone: +7(495)775-47-40

Fax: +7(495)775-47-41

http://www.rosipoteka.ru

e-mail: mailbox@ahml.ru