Moscow, Russia — 12 July 2021.
Tinkoff has completed its debut mortgage securitisation, placed by mortgage agent TB 1. The placement included class A and class B bonds secured by a mortgage loan portfolio.

Book building for the class A issue took place on July 5–6. The class A bonds, which totaled RUB 5.6225 billion, were successfully placed among retail and institutional investors with a coupon of 7.9%. The class B bonds were placed privately.

The order book was 1.5x oversubscribed. Potential demand from interested investors and those who set limits exceeded supply by more than 100%.

Sergey Pirogov, Director of Corporate Finance at Tinkoff:
«Our debut securitisation deal has enabled us to create a tech platform that we can use to securitise other types of assets in the future. The placement represents the first public transaction involving the comprehensive use of electronic mortgages and was made possible thanks to our effective cooperation with Russia’s Federal Service for State Registration, Cadastre and Cartography (Rosreestr) and Analytical Credit Rating Agency (ACRA). DK REGION, the deal’s depository and special depository, stores and keeps records of the electronic mortgages, as well as maintains the mortgage pool register.

In addition to the institutional investors who traditionally take part in these placements, retail investors also participated in the deal. This successful debut placement proves that there is strong demand for high-quality structured debt instruments. We would like to thank the organisers-Sovkombank, Sinara Investment Bank, TransCapitalBank, Promsvyazbank and VTB Capital-for their active involvement in helping to market the placement.»

Mikhail Avtukhov, Deputy Chairman and Head of CIB, Sovkombank:
«The TB 1 bonds are Russia’s first classic multi-tranche mortgage securitisation issue with electronic mortgages. We’re pleased to see that the market’s technical capabilities are steadily developing and that new technologies are being used to work with large pools of mortgage assets. It is encouraging to see that there is significant demand from both institutional and retail investors, as this indicates good future prospects for this class of instruments.»

Anna Zaytseva, CEO, DK REGION:
«This is our first deal secured by a pool of electronic mortgages. We’ve put a lot of effort into developing the processes used to interact with all the participants. We’re pleased to be partnering with Tinkoff, a technological leader in the banking industry, on this first deal and are happy that we can now speak openly about the benefits of electronic mortgage pools.»