Troika Dialog Asset Management closes first-ever Russian corporates CDO

Moscow-based Troika Dialog Asset Management, in conjunction with Deutsche Bank, has closed CDO I, the first ever rouble-denominated collateralised debt obligation invested in Russian corporate bonds to be fully placed with investors.

CDO I is a three-year, RUB8.95bn (USD350m) CDO based on a diversified portfolio of local currency corporate credits, and according to the issuers is a testament to both the growth in non-governmental domestic debt issuance in Russia and the increased investor appetite for such structured risk.

The portfolio is managed by Troika Dialog, which had assets under management of USD3.7bn at the end of June 30, including more than USD1.1bn invested in bonds and cash.

The capital structure of the CDO includes equity, mezzanine and senior tranches. The risk underlying the transaction is synthetic, consisting of credit default swaps of varying maturity referencing the rouble-denominated obligations of the underlying names.

Troika Dialog Asset Management may make substitutions within the portfolio based on certain agreed criteria in order to maintain the diversity and credit quality of the underlying portfolio.

Founded in 1996, Troika Dialog Asset Management is part of the Troika Dialog Group of companies and is one of the largest independent asset management companies in Russia, with mutual funds and the Troika Russia Fund, an equity long/short fund launched in May 2006.

Founded in 1991, Troika Dialog Group is active in securities trading and investment banking as well as asset management and has offices in 12 cities in Russia as well as in New York, London and Kiev.

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