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Securitization Market: Intermediaries & Rating Agencies

Explore the role of market intermediaries and rating agencies in building an efficient and transparent securitization market. Learn about growth, diversification, and communication in the securitization process.

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Securitization Market: Intermediaries & Rating Agencies

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  1. Building an efficient and transparent securitization market: role of market intermediaries and rating agencies Viktoria Baklanova, CFA, PRM Director Russia Securitization Forum New York September 10, 2007

  2. Panel Overview • Viktoria Baklanova, Director, Fitch Ratings - Securitization in Russia: Growth and Diversification • Brigitte Posch, Head of Latin American Securitization, Deutsche Bank - Role of investment banks in the securitization process • Armin Lindtner, Director, Head of CEEMEA Securitization, Merrill Lynch - Communication between orginators, rating agencies and investors • Gabriel Wieder, Associate Director, Standard & Poor's Latin America/Emerging Markets Structured Finance - Comparison of rating agency criteria. S&P views on stresses and scenarios, performance triggers and other structural safeguards www.fitchratings.com

  3. Securitization in Russia: Growth • 2007: 8 deals with $2 billion in issuance • 2006: 11 public deals vs. 2 deals in 2004 and 2 in 2005. • Average deal size: 2005 - $100mm; 2006 - $297mm; 2007 - $230mm * 2004 includes Gasprom’s $1.25 billion DPR www.fitchratings.com

  4. Total Issuance by Asset Type (2004-2006) Total Issuance by Asset Type (2007 only) Securitization in Russia: DiversificationTotal volume of securitised transactions in Russia to date is $6.8 Billion www.fitchratings.com

  5. Summary • Macro economic strength and stability • Growth of consumer spending followed by demand for loans • Development of the mortgage market is one of key drivers for securitization • Legal and regulatory improvements • Number of new structural features: first domestic transaction to use tranching, first time use of principal deficiency ledger mechanism • Greater awareness of local issuers • Growing investor’s interest, both foreign and domestic www.fitchratings.com

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