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LAWFUEL – The Law News Network – Clifford Chance CIS limited (Moscow) …

LAWFUEL – The Law News Network – Clifford Chance CIS limited (Moscow) has advised on the first “true-sale” securitisation in the Russian Federation.

Clifford Chance as counsel represented MNB Capital Markets and Greenwich Financial Services as Joint lead managers in connection with the securitisation of the auto loan portfolio originated by Russian bank Soyuz. The notes were listed at Irish Stock Exchange and the senior tranche of the notes was rated at Baa3 by Moodys Investors Service Limited

Clifford Chance’s Moscow office managed a global team that advised on the Russian, English, US and Dutch law elements of the transaction.

William Knowles, transaction partner for the securitisation, commented:
“In creating a framework for securitisation to occur in Russia we have opened up huge opportunities for Russian domestic lenders to realise future receivables now. The freeing up of money for future lending will have the result of creating more liquidity in the market, promoting further consumer lending.”

Michael Cuthbert, Regional Managing Partner for Central and Eastern Europe and Managing Partner in Moscow, added:
“The opportunity for us [Clifford Chance] to be involved in the first eve “true-sale” securitisation in Russia has been an exciting experience. The technology we have developed to securitise assets within the Russian legal framework is a tribute to the ability of our Russian/Expatriate lawyers and our global network.”

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.